General Motors is exploring ways to separate its own battered credit rating from that of General Motors Acceptance Corporation (GMAC), its financially healthy financing arm. The carmaker said in a filing with the Securities and Exchange Commission yesterday that the decision by Standard & Poor's to downgrade its debt rating to junk status increased "the level of risk" to the company's long-term funding strategy "as well as the importance of successfully executing its plans for improvement of operating results". GM added that it was seeking to mitigate that risk "by exploring whether actions could be taken that would provide a basis for rating agencies to evaluate GMAC's financial performance in order to provide GMAC with ratings independent of those assigned to GM". GM did not specify details of the measures it was considering. However, S&am
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