Autos still most active CDS in US and Europe
The effect of Standard and Poor's downgrading the credit ratings of debt owned by Ford and General Motors two months ago is still washing through the credit default swap (CDS) market.
The most active individual CDSs in the US were GM financing arm GMAC, GM itself and Ford Motor Credit - all downgraded - recently, and Delphi and Lear, two parts suppliers. DaimlerChrysler led the field in Europe, followed by France Telecom, Telecom Italia and Tele Danmark, with Heidelberg Cement fifth.
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