U.S.-based automaker General Motors Co. (GM) was formed in July 2009 to acquire most of the assets and certain liabilities of the former General Motors Corp. out of bankruptcy. As a result, new GM has a much lower debt burden than the former General Motors Corp., and is profitable in North America. We believe GM's global automotive operations will generate at least mid-single-digit pretax margins and positive operating cash flow in 2010, and there is potential for improvement in 2011 because of a gradual recovery in North America. We are affirming the 'BB-' corporate credit rating. We are revising our outlook on GM to positive from stable. On Feb. 1, 2011, Standard&Poor's Ratings Services revised its outlook on
