NEW YORK (AP) -- General Motors shares have fallen more than 30 percent after Standard & Poor's Ratings Services said it's placing the automaker's credit ratings under review for possible downgrade.
S&P said Thursday that the move reflects the weakening automotive markets across the world and expectations that tight credit markets will make things tough for the near future.
GM shares fell $2.26, or 33 percent, to $4.65, helping drag the Dow Jones industrial average down by more than 600 points. That's the lowest price for GM shares since March 1950.
The ratings under review include GM's "B-" long-term corporate credit rating and its finance arm's "B-" long-term counterparty credit rating.
S&P says it believes GM has enough cash for at least the rest of 2008, but rapidly worsening industry conditions will make things tough in 2009.