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DETROIT (Reuters) -- General Motors, whose shares have plunged to a 58-year low amid the market turmoil, said in a formal statement this morning that bankruptcy protection is not an option the automaker is considering.

"Clearly we face unprecedented challenges related to uncertainty in the financial markets globally and weakening economic fundamentals in many key markets," GM said.

"But bankruptcy protection is not an option GM is considering. Bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers."

The statement was released after Standard & Poor's analyst Robert Schulz told Bloomberg Television this morning the automaker may be forced to seek protection from creditors.

Risk of being 'overwhelmed'

``Macro factors could overwhelm them at some point'' even with the three biggest U.S. automakers committed to turnarounds, Schulz said in the interview.

S&P said yesterday it would considering cutting the credit ratings of GM and Ford Motor Co. deeper into junk status.

"We believe GM currently has adequate liquidity for at least the rest of 2008 as measured by cash balances and available bank facilities, but the accelerating deterioration in industry fundamentals will be a serious challenge to liquidity during 2009," S&P said in yesterday's statement.