S&P admits that GM bankruptcy is no longer 'far-fetched'

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The new year is set to be a bleak one for General Motors after Standard & Poor's delivered another blow to the autos firm with a two-notch downgrade just before Christmas.

Bankruptcy is no longer a "far-fetched" possibility, the rating agency says, as it downgraded the company's bonds from BB- to B on December 12.

"In the past, we might have felt at different points that the concerns about bankruptcy were overplayed," says Scott Sprinzen, S&P's autos analyst. "At this juncture, it's our conclu

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