S&P Global Ratings on Aug. 11 revised General Motors Co.'s outlook to negative from stable and affirmed the automaker's BBB issuer credit rating and issuer level ratings.

At the same time, the rating agency removed GM's ratings from CreditWatch with negative implications. The outlook reflects an at least one-third chance that it could lower GM's ratings by one notch over the next 12 to 24 months.

Ratings said the ongoing uncertainty due to the coronavirus pandemic introduces risk to its base-case forecast for GM's sales, profitability and cash flow. The company reported a 59% year-over-year decline in second-quarter revenue because of virus-related plant shutdowns.

A downgrade could occur should weaker demand, adverse competitive developments or unfavorable shifts in consumer demand away from trucks reduce GM's profitability prospects below its targets. It could also lower GM's ratings should its debt-to-EBITDA ratio exceed 3x during periods of stress and cyclical downturn or its free operating cash flow-to-debt remain below 15% on a sustained basis.

Ratings said the revised outlook was not a result of the resignation of CFO Dhivya Suryadevara, announced the same day, as it believes the company has "sufficient managerial depth" to address the departure.

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