Fitch downgrades General Motors on diminishing liquidity

Hurricane · 09-22-2008, 03:39 PM

Fitch downgrades General Motors on diminishing liquidity

By Wallace Witkowski
Last update: 2:58 p.m. EDT Sept. 22, 2008

SAN FRANCISCO (MarketWatch) -- Fitch Ratings said Monday downgraded General Motors Corp.'s issuer default rating to CCC from B- because of the auto maker's diminishing liquidity and lack of access to capital. The outlook is negative. "External sources of capital for GM remain limited, indicating that liquidity drains will accelerate through year-end 2008," Fitch said in a statement.

More here: http://www.marketwatch.com/News/Story/Story.aspx?guid={F143E832-B30C-42C3-8ED6-1A27EDD12EB5**&siteid=yhoof2

stormwatcher · 09-22-2008, 05:23 PM

Hmmm. I would have thought GM's impending access to government loans would have stabilized thier rating.

RamJet502 · 09-22-2008, 05:26 PM

Quote:

Originally Posted by stormwatcher

Hmmm. I would have thought GM's impending access to government loans would have stabilized thier rating.

The Government seems a bit overextended right now, the loans may not happen.

**T-Type** · 09-22-2008, 05:26 PM

Quote:

Originally Posted by stormwatcher

Hmmm. I would have thought GM's impending access to government loans would have stabilized thier rating.

There is another thread that says GM pulled the last of the money it was promised to get (outside of the government). There is no reserve left. That's probably why the rating has dropped.

General Motors Playing Chicken

Ambalanche · 09-22-2008, 06:10 PM

I wasn't aware it could go any lower!

xPUMPx · 09-22-2008, 07:19 PM

good god someone cant run a business....

PRO_USA1776 · 09-23-2008, 02:08 PM

Fitch, would that be a similar company like Lehman brothers? Punks!

windvale · 09-23-2008, 03:29 PM

The noose is getting tighter and tighter with each passing day.

It's pretty much all over except for the shouting...

Buickman · 09-23-2008, 04:22 PM

Wagoner is a crook intent on destroying dealers, suppliers, and retirees. shame on us for allowing this madman to continue. shame on those here who listen in any way shape or form to the advocates of continuing this guy's pitiful performance. if people would have any common snese, they would have listened to Ron Paul regarding Washington and Buickman regarding GM. I have the answers, problem is the ignorance in acceptability. oh well...see what happens when you don't LISTEN?

fp115 · 09-23-2008, 04:51 PM

Quote:

Originally Posted by Buickman

Wagoner is a crook intent on destroying dealers, suppliers, and retirees. shame on us for allowing this madman to continue. shame on those here who listen in any way shape or form to the advocates of continuing this guy's pitiful performance. if people would have any common snese, they would have listened to Ron Paul regarding Washington and Buickman regarding GM. I have the answers, problem is the ignorance in acceptability. oh well...see what happens when you don't LISTEN?

We can all name you over 100 posts to which you have been very wrong about GM and another 100 posts on how many of your ideas wouldn't work and would cost GM more money. The rest of your posts are as this one, your 3 sentence copy and paste with a few words.

Buickman · 09-23-2008, 06:24 PM

Quote:

Originally Posted by fp115

We can all name you over 100 posts to which you have been very wrong about GM and another 100 posts on how many of your ideas wouldn't work and would cost GM more money. The rest of your posts are as this one, your 3 sentence copy and paste with a few words.

and your defense of Red Ink Rick is indefensible. the guy has virtually ruined GM, having lost more money than any executive in corporate history. you my friend are a fool.

ghughes · 09-23-2008, 08:58 PM

merge ford/gm, suspend dealership lawsuits over franchise termination, suspend cafe for 20 years for the new american car co(or get trucks out of the calculation), give em $75 billion, big tax credits toward volt technology. Do all this and yes I have been saying this for 2 or 3 years, except the cafe part which wasnt around, then.

wolverine · 09-23-2008, 09:09 PM

Quote:

Originally Posted by Buickman

Wagoner is a crook intent on destroying dealers, suppliers, and retirees. shame on us for allowing this madman to continue. shame on those here who listen in any way shape or form to the advocates of continuing this guy's pitiful performance. if people would have any common snese, they would have listened to Ron Paul regarding Washington and Buickman regarding GM. I have the answers, problem is the ignorance in acceptability. oh well...see what happens when you don't LISTEN?

Please, just go away.

tgagneguam · 09-23-2008, 09:16 PM

Wasn't Fitch one of the agencies that rated mortgage-backed securities as AAA?

So much for their input, huh?

fp115 · 09-23-2008, 10:32 PM

Quote:

Originally Posted by Buickman

and your defense of Red Ink Rick is indefensible. the guy has virtually ruined GM, having lost more money than any executive in corporate history. you my friend are a fool.

Thanks. But now you should go back to what you have been doing for the month you weren't on here.

09-22-2008, 03:39 PM	#1 (permalink)
Hurricane 6.0 Liter Vortec V8 Join Date: Sep 2003 Posts: 1,556	Fitch downgrades General Motors on diminishing liquidity Fitch downgrades General Motors on diminishing liquidity By Wallace Witkowski Last update: 2:58 p.m. EDT Sept. 22, 2008 SAN FRANCISCO (MarketWatch) -- Fitch Ratings said Monday downgraded General Motors Corp.'s issuer default rating to CCC from B- because of the auto maker's diminishing liquidity and lack of access to capital. The outlook is negative. "External sources of capital for GM remain limited, indicating that liquidity drains will accelerate through year-end 2008," Fitch said in a statement. More here: http://www.marketwatch.com/News/Story/Story.aspx?guid={F143E832-B30C-42C3-8ED6-1A27EDD12EB5**&siteid=yhoof2 __________________ 2007 Yukon XL Denali 2006 Chevrolet Corvette

09-22-2008, 05:23 PM	#2 (permalink)
stormwatcher 5.3 Liter Vortec V8 Join Date: Dec 2004 Posts: 1,277	Re: Fitch downgrades General Motors on diminishing liquidity Hmmm. I would have thought GM's impending access to government loans would have stabilized thier rating.

09-22-2008, 06:10 PM	#5 (permalink)
Ambalanche 5.3 Liter Vortec V8 Join Date: Jan 2003 Location: Pensacola, Florida Drives: '07 Corvette Z51 Posts: 1,472	Re: Fitch downgrades General Motors on diminishing liquidity I wasn't aware it could go any lower! __________________ GM better hope the Volt is a runaway success, because *all* the eggs are in that basket!

09-22-2008, 07:19 PM	#6 (permalink)
xPUMPx 2.0 Liter Supercharged ECOTEC Join Date: Nov 2005 Location: Maine USA Drives: 1980 Firebird Formula 2002 Isuzu Axiom Posts: 194	Re: Fitch downgrades General Motors on diminishing liquidity good god someone cant run a business.... __________________ FIREBIRDS FOREVER!

09-23-2008, 02:08 PM	#7 (permalink)
PRO_USA1776 3.8 Liter V6 Join Date: Nov 2005 Location: Michigan - Home of the Arsenal of Democracy Drives: 2005 SRX - V6 AWD, 1971 F-250 4x4, 1994 M Posts: 497	Re: Fitch downgrades General Motors on diminishing liquidity Fitch, would that be a similar company like Lehman brothers? Punks! __________________ Hungry ,eat your import CHANGE? In 1959 CUBA got CHANGE! Be careful what you wish for!

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09-23-2008, 03:29 PM	#8 (permalink)
windvale 3.9 Liter V6 Join Date: Feb 2007 Location: Cary, NC Drives: 2002 Trailblazer Posts: 813	Re: Fitch downgrades General Motors on diminishing liquidity The noose is getting tighter and tighter with each passing day. It's pretty much all over except for the shouting...

09-23-2008, 04:22 PM	#9 (permalink)
Buickman 6.0 Liter Vortec V8 Join Date: May 2005 Location: Flint MI Drives: 08 Enclave Posts: 1,902	Re: Fitch downgrades General Motors on diminishing liquidity Wagoner is a crook intent on destroying dealers, suppliers, and retirees. shame on us for allowing this madman to continue. shame on those here who listen in any way shape or form to the advocates of continuing this guy's pitiful performance. if people would have any common snese, they would have listened to Ron Paul regarding Washington and Buickman regarding GM. I have the answers, problem is the ignorance in acceptability. oh well...see what happens when you don't LISTEN? __________________ Buickman Founder www.GeneralWatch.com It's not sunk, but's its definitely sinking. We don't need a Volt, we need a Revolt! Aristotle "A is A" Wagoner "BK is OK"

09-23-2008, 08:58 PM	#12 (permalink)
ghughes 3.6 Liter V6 Join Date: Dec 2004 Drives: '98 H1 Open-top HMVEE! '67 Rolls Silver Shadow ' Posts: 1,040	Re: Fitch downgrades General Motors on diminishing liquidity merge ford/gm, suspend dealership lawsuits over franchise termination, suspend cafe for 20 years for the new american car co(or get trucks out of the calculation), give em $75 billion, big tax credits toward volt technology. Do all this and yes I have been saying this for 2 or 3 years, except the cafe part which wasnt around, then.

09-23-2008, 09:16 PM	#14 (permalink)
tgagneguam 7.0 Liter LS7 V8 Join Date: Aug 2003 Posts: 6,951	Re: Fitch downgrades General Motors on diminishing liquidity Wasn't Fitch one of the agencies that rated mortgage-backed securities as AAA? So much for their input, huh?

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