GM Slips Another Notch
On Mar. 29, Standard & Poor's Ratings Services placed all its ratings on General Motors Corp. (GM), including its B long-term and B-3 short-term corporate credit ratings, on CreditWatch with negative implications. This action stems from GM's disclosure in its 2005 10-K that the recent restatement of its previous financial statements raises potential problems regarding access to its $5.6 billion standby credit facility -- as well as the possibility that certain lease obligations of as much as $3 billion could face claims of acceleration, termination, or other remedies.
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