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GM debt bumped to `junk` by 2nd agency
Automaking giant`s SUV sales slumping due to high gas prices

Reuters
Updated: 7:14 p.m. ET May 24, 2005

NEW YORK - Fitch Ratings on Tuesday cut General Motors Corp.`s debt ratings to "junk," becoming the second agency to rate the world`s largest automaker below investment grade as high gasoline prices erode its SUV sales.

The downgrade follows a similar move by Standard & Poor`s on May 5 and will cement GM`s status as a junk credit, raising borrowing costs and limiting its options for raising funds.

"The long term will be tough for GM," said Kent White, auto credit analyst at Thrivent Financial in Minneapolis, which owns GM bonds. "The only option they have ahead of them is for a pretty significant restructuring of their North American auto operations."

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