NEW YORK (Standard&Poor's) Feb. 16, 2012--Standard&Poor's Ratings Services said today that it views General Motors Co.'s (GM; BB+/Stable/--) fourth-quarter 2011 results, announced today, as mixed but consistent overall with our rating and outlook on the company. Automotive free operating cash generation for 2011 was positive, but weaker than our assumption. Unfunded post-retirement obligations at the end of 2011 were better than we had assumed. As a result, we estimate that adjusted leverage will be around the 3x we assume for the rating. Liquidity of $37.5 billion remains comfortably above our assumption of more than $30 billion. Fourth-quarter total automotive adjusted EBIT margin (2.9%) was lower than our assumption for ongoing margins of around mid-single digits. The
