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NEW YORK (AP) - Standard & Poor's cut its ratings on General Motors Corp. deeper into junk status on Monday, citing increased skepticism about the troubled automaker's ability to revitalize North American operations.
The rating agency cut GM's corporate credit rating by two notches to "B" from "BB-minus." S&P removed the company from CreditWatch, but maintained a negative outlook.
General Motors' debt is rated non-investment grade, or junk, by all three major credit rating agencies. The company has been contending with soaring employee and commodity costs, as well as a decline in sales because of higher gasoline prices.
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