Published: 8/25/2012

Fitch agency upgrades credit rating for GM

BLADE STAFF AND NEWS SERVICES

DETROIT — General Motors Co. received a credit rating upgrade from one of the three major ratings agencies Friday in a vote of confidence that it has improved its financial standing and can weather challenges in Europe.

Fitch Ratings upgraded GM's issuer default rating from to BB+ BB and said the outlook is stable. Fitch said GM has sufficient liquidity and profits to justify the upgrade, which can lower borrowing costs.

"It's one more clear sign that we're moving the business in the right direction … " GM spokesman Jim Cain said.

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