Junking the automakers

Ford and GM


The sell side

In October, Standard & Poor’s downgraded General Motors from BBB to BBB- stable, leaving both Ford and GM on the cusp of junk status. On November 4, Moody’s downgraded GM one notch to Baa2 and GMAC one notch to Baa1, leaving both on stable outlook.

Two of the corporate bond market’s biggest issuers now have a total of $227 billion equivalent of outstanding bond debt – of which €50 billion is euro-denominated – poised to enter the high-yield space. The implications for

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