S&P junks automakers



Standard & Poor’s (S&P) cut the corporate credit ratings on General Motors Corp., General Motors Acceptance Corp., Ford Motor Co. and Ford Motor Credit Co. out of the investment-grade sector in May, raising the future funding costs for the automakers, limiting their funding options and initiating yet another weakening in their spreads in the secondary market. A week later, Moody’s cut Ford Motor Company’s ratings by two notches to Baa3, the lowest investment-grade rating.

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