Fitch Ratings A place at the top table

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What caused January’s dramatic U-turn on General Motors paper, when spreads on GMAC’s 7.75% notes due 2010 tightened to 280 basis points over Treasuries, reversing a widening trend? After all, there was a conspicuous absence of positive headlines for the beleaguered auto manufacturer and its financing arm that might have prompted such a tightening. Many believe the answer lies in GM’s BBB credit rating from Fitch Ratings, the smallest of the ‘Big Three’ rating agencies after Standard & Poor

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