On the skids



Investors in automotive industry credits suffered two blows in quick succession in October and November, when rating agency Standard & Poor’s downgraded DaimlerChrysler and Ford. S&P announced on October 21 that it was lowering DaimlerChrysler’s rating from BBB+ to BBB with a negative outlook. At the same time, it put Ford on creditwatch negative. In the end investors breathed a sigh of relief when S&P cut Ford’s rating to BBB- on November 12 but crucially gave the automaker a stable rather than

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