S&P downgrades GM



In October rating agency Standard & Poor’s downgraded General Motors one notch to BBB- stable, an equivalent rating to Ford, and the brink of junk status. Bonds for both US automakers took a hammering, particularly the shorter-dated paper where spreads widened by about 60bp on the week.

Moody’s provided another blow when the agency put GM’s Baa1 rating on review for downgrade, although it did state this would be limited to one notch. Combined with disappointing results and the Securities &

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