The rating agencies' opinion of General Motors' (GM) restructuring plan, announced on October 17, was clear enough. Moody's slashed the carmaker's debt from Ba2 to B1 in late October, citing the potential impact auto parts supplier Delphi's bankruptcy could have on the United Auto Workers (UAW) union. Fitch Ratings acted on November 9, cutting GM's senior unsecured debt to B+ from BB. Like Moody's, Fitch placed GM on negative rating watch while the Delphi story played out.
GM had announced a