GM losses hit spreads

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Spreads on General Motors bonds took a pounding in the credit markets in January as investors and rating agencies expressed concerns over growing pension and health-care costs, losses from its European automotive operations and uncertainty over an option that would allow European automaker Fiat to sell its beleaguered car arm to GM.

Spreads on GM’s 7.25% notes due 2011 started the year trading at 262 basis points over Treasuries, but by January 19, when the company released its fourth-quarte

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