(Reuters) - Ratings agency Standard & Poor's raised its corporate credit rating on General Motors Co
The ratings service revised up its credit rating on GM to BB+ from BB- and also raised its rating outlook to stable from positive.
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The upgrade comes a day after the United Auto Workers union ratified a new four-year labor contract with GM, the first such deal for the top U.S. automaker since its 2009 bankruptcy.
"GM has a two-year track record of profits and cash flow generation in its global automotive operations, supported by strong performance in North America," Standard & Poor's said in a statement released on Thursday.
(Reporting by Soyoung Kim in Detroit; Editing by Derek Caney)