Fitch Ratings has lowered General Motors' credit rating further into "junk" status.
It says the automaker has made little progress in reducing its high cost. Fitch also says GM is vulnerable if gas prices remain high.
Fitch first lowered GM to below investment grade in May. The newly-lowered rating could make it more difficult for GM to borrow money.
Fitch says GM is at heightened financial risk because of ongoing restructuring talks with its former parts division Delphi. Delphi is threatening to declare bankruptcy next month.