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GM's outlook is actually getting worse. I didn't think that could even happen. Its debt is already rated as "junk." Today, Fitch lowered its rating to even junkier junk (double-B). The Delphi story is going to end soon and it's not going to end well.

Here's a short history of GM's debt rating. It wasn't that long ago that GM was one of the bluest blue chips on Wall Street. Last quarter, GM lost over $250 million, and over $1 billion in the quarter before that.

Posted by edelfenbein at September 27, 2005 9:34 AM