NEW YORK (Standard&Poor's) Aug. 2, 2012--Standard&Poor's Ratings Services said today that General Motors Co.'s (GM; BB+/Stable/--) second-quarter 2012 results, announced today, do not affect our rating or outlook on the company. Automotive free operating cash generation was $1.7 billion, well below 2011, on lower earnings, the impact of working capital, and higher capital spending. Liquidity of $38.5 billion remains comfortably above our assumption of more than $30 billion. The second-quarter total automotive adjusted EBIT margin (5.1%) was consistent with our assumption for ongoing margins of about mid-single digits. The North America margin (8.6%) was also consistent with our long-term assumption of upper-single digits. The North American region continues to account for nearly all adjusted EBIT in
