NEW YORK (Standard&Poor's) March 23, 2011--Standard&Poor's Ratings Services said today that General Motors Co.'s (GM; BB-/Positive/--) announcement related to the sale of Ally Financial Inc. (formerly GMAC Inc.; B/Stable/C) preferred stock does not affect its ratings on GM. On March 22, 2011, GM announced that it will sell all of its shares of preferred stock in former unit Ally for $1 billion. This will add modestly to GM's existing cash balances. As of Dec. 31, 2010, GM had unrestricted cash, cash equivalents, and marketable securities totaling more than $26 billion. GM reported that the sale will result in a book gain of $300 million in the first quarter of 2011, and that it will still hold
