Moody’s downgrades General Motors’ debt

Moody’s Investors Service on Tuesday cut General Motors Corp.’s debt ratings to a step above junk status, citing the company’s formidable problems, including high costs and declining market share.

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Investors are watching GM’s debt ratings very carefully. The world’s largest auto maker, including its subsidiaries, is one of the biggest corporate bond issuers in the U.S. If GM’s bonds are cut to junk, its borrowing costs may skyrocket.

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Moody’s said the outlook on GM’s debt ratings is negative. The auto maker now has the same rating and outlook from all three agencies, although Moody’s still rates GM’s finance subsidiary, General Motors Acceptance Corp. at two steps above junk. GMAC issues most of GM’s roughly $300 million of debt.

Moody’s cut GM’s debt ratings to Baa3 from Baa2, and cut GMAC’s ratings to Baa2 from Baa1. The outlook for both entities is negative.