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Moody's Investors Service knocked General Motors' (GM) debt further into junk bond territory Tuesday and revived talk about the big car company needing the protection of bankruptcy to survive.

The downgrade to B2, five steps lower than investment grade and six steps above Moody's worst rating, reflects "increased uncertainty that the company will be able to achieve all of the steps necessary to establish a competitive wage, benefit and supplier cost structure outside of bankruptcy," Moody's said.

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