Fitch is giving General Motors Co. a junk-level credit rating, saying its pensions remain underfunded and the auto market remains uncertain.

It’s the automaker’s first credit rating since emerging from bankruptcy protection last year. The rating of “BB-” comes as the automaker is preparing an initial public offering of stock, likely to come in mid-November.

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The ratings agency says GM has come a long way since bankruptcy. It says it has a strong cash position, a better cost structure and an increasingly competitive lineup of cars and trucks.

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But auto industry sales remain weak, and GM still has large cash obligations tied to the reorganization of its business in Europe. Its pension obligations are also underfunded by $27 billion.

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