Wall Street Unimpressed With GM Turnaround Efforts

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Wall Street cuts General Motors' credit rating deeper into "junk" status.

Standard and Poor's is citing increased skepticism about the automaker's ability to revitalize its North American operations.

The rating agency today lowered GM's corporate credit rating by two notches.

GM's debt is rated non-investment grade, or "junk," by all three major credit rating agencies. Companies with such ratings usually face higher borrowing costs.