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GM COMMENTS ON MOODY RATINGS

 DETROIT, Nov. 24 ~PRNewswire~ -- General Motors (NYSE: GM) is already taking extensive actions on an accelerated basis to counteract the difficult environment that has led to the lowering of credit ratings announced by Moody's Investor's Service today.
 "These actions have already resulted in large cost reductions in GM's core North American Operations (NAO)," GM Executive Vice President and Chief Financial Officer G. Richard Wagoner, Jr., said.
 "NAO financial results have improved significantly in the first nine months of 1992," Mr. Wagoner said, "and GM has set an aggressive -- but achievable -- goal of break-even earnings before interest and taxes in 1993."
 GM and its subsidiary, General Motors Acceptance Corporation (GMAC), "remain highly liquid, retain very good access to the capital markets and maintain extensive bank credit facilities," Mr. Wagoner explained.
 GMAC is supported by almost $9.0 billion in equity capital, loss reserves of more than $1.0 billion, and available, committed U.S. bank credit lines exceeding $12.0 billion. GMAC's assets are high quality, liquid, broadly diversified and well-reserved.
 "GM is strongly committed to restoring NAO to sustained levels of profitability," Mr. Wagoner said. This, combined with the inherent strengths of GM's overseas operations, and strong earnings contributions from GMAC, GM Hughes Electronics Corporation (GMHE) and Electronic Data Systems Corporation (EDS), "should favorably impact GM's credit rating over time," Mr. Wagoner said.
 -0- 11~24~92
 ~CONTACT: Mark A. Tanner of General Motors, 313-556-2019~
 (GM)


CO: General Motors Corporation; Moody's Investor's Service ST: Michigan IN: AUT SU: RTG

JG -- DE026 -- 1108 11~24~92 13:42 EST
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Publication:PR Newswire
Date:Nov 24, 1992
Words:258
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