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GM ISSUES STATEMENT ON STANDARD & POOR'S ACTION

 DETROIT, Feb. 3 /PRNewswire/ -- GM said today that the action of Standard & Poor's to lower the credit ratings of General Motors and the General Motors Acceptance Corporation (GMAC) comes at a time when the financial condition and liquidity of both GM and GMC are showing strong positive momentum.
 "The restructuring of GM's North American Operations (NAO) should translate into improved financial performance, and GMAC's asset focus program will provide for continued strong liquidity," said GM Executive Vice President and Chief Financial Officer G. Richard Wagoner, Jr. "S&P indicated that GM's rating outlook is now 'stable,' which means that further erosion in credit quality within the next few years is unlikely. Our objective, however, is to restore GM's credit ratings to their former levels as quickly as possible.
 "NAO financial results have improved significantly in 1992. GM believes this trend will continue," Mr. Wagoner added, "and accordingly has set an aggressive but achievable goal of NAO breakeven earnings before interest, taxes and ongoing SFAS 106 expense in 1993."
 Referring to General Motors Acceptance Corporation, Mr. Wagoner said "GMAC remains highly liquid, retains very good access to capital markets and has a high degree of financial flexibility. In addition, it should be noted that despite this action, GMAC remains a top-tier issuer of commercial paper as defined by the S.E.C. in its Rule 2a-7."
 -0- 2/3/93
 /CONTACT: William B. Winters of GM, 212-418-6380/
 (GM)


CO: General Motors Corp. ST: Michigan IN: AUT SU: ECO

LR -- NY072 -- 2513 02/03/93 14:52 EST
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Publication:PR Newswire
Date:Feb 3, 1993
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