Detroit, Mich.-based automaker General Motors Co.'s (GM's) operating performance has been good due to significant profits from its operations in North America and China, and we think its credit measures could improve toward the 2.5x adjusted debt to EBITDA and about 15% free operating cash flow to adjusted debt that we would expect for a higher rating. We are affirming our ratings on GM, including the 'BB+' corporate credit rating, and revising the outlook to positive from stable. The positive outlook reflects the potential for a one-notch upgrade if, along with improved credit measures and other factors, we are confident that GM's operations will generate consistent profitability and cash flow under normal market conditions. NEW YORK (Standard&Poor's) Sept.
