Moody's Says GM Is Junk

Moody's Investors Service, a division of Moody's Corporation

has joined Fitch and S&P, rating the debt of General Motors at junk, just weeks before the company is set to come back to the public markets. GM had filed for bankruptcy and was bailed out by the U.S. government, and received billions of dollars in tax-payer funded money to clean up the corporation to better compete globally. Moody's assigned a Baa3 rating to GM's debt. Last week, Standard & Poor's and Fitch Ratings gave GM a BB- rating, which is the equivalent of Moody's Baa3.