S&P junks Ford/GM


Standard & Poor’s last month slashed to junk the corporate credit ratings on General Motors, General Motors Acceptance Corp (GMAC), Ford Motor and Ford Motor Credit Co. Citing ineffective management strategies, S&P cut GM and its financing arm, GMAC, to BB from BBB and cut Ford and its financing arm, FMCC, to BB+ from BBB-. The rating outlook on all entities is negative.

Pushing the world’s two largest corporate borrowers out of the investment-grade sector has raised their future funding costs

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