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S&P downgraded GM's debt to 'junk' status today - essentially saying it's no longer investment-grade.

GM still has appreciable positive cash flow, as well as cash reserves, so the ship isn't in absolutely imminent danger. But this does hurt GM's borrowing ability, and further handicaps it against foriegn automakers. Especially with no real help from the Union in sight - looks like they won't give unless a Ch.11 forces them to.

http://biz.yahoo.com/rb/050505/autos_gm_junk.html?.v=5
 
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