On Aug. 11, 2004, Standard&Poor's Ratings Services affirmed its 'BBB' corporate credit ratings and 'A-2' commercial paper ratings on General Motors Corp. (GM), General Motors Acceptance Corp. (GMAC), and all related entities. The rating outlook remains negative. Consolidated debt outstanding totaled $277 billion at June 30, 2004. The ratings on GMAC reflect GM's broad scope as the world's largest automaker, including its leading position in the still growing, relatively high-margin North American light-truck segments (sport utility vehicles, pickups, and vans), and its position as the No. 2 player in the rapidly growing Chinese auto market. In addition, GM benefits from its extensive sales finance business, which is conducted through GMAC. However, the rating also reflects concerns about the
