General Motors stock again was downgraded Thursday.
The decision by UBS Warburg to downgrade GM's stock from "buy" to "hold" came a day after Banc of America switched GM to "market perform" from "buy."
UBS Warburg says its decision is based on concern over GM's pension liability. Its report also says there's a risk GM's credit rating could be downgraded.
It lowered its 2003 earnings per share estimate for GM to $4.60.
During Thursday afternoon trading on the New York Stock Exchange, shares of GM stock were down 30 cents at $47.31.
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