They better get their head out of their A$$, maybe bring back the Camaro - Firebird or a retro Chevelle!?! Keith
Standard & Poor's cuts GM, Ford to junk status Reuters / May 05, 2005 NEW YORK -- In a one-two punch for financial markets, Standard & Poor's cut General Motors' and Ford Motor Co.'s debt ratings to junk status on Thursday, citing brutal global competition and flagging sales of the automakers' most profitable vehicles. The downgrades, which total about $290 billion and are the largest cuts to junk in a single day, jolted financial markets. Stocks and the dollar weakened. Safe-haven Treasury debt prices rose. The broad junk bond market, which by some measures will expand about 15 percent in short order, dropped. Burdened by junk ratings, the automakers have fewer avenues for raising funds. Their shares extended their losses and their bonds fell by about 5 cents on the dollar as investors braced for investment grade portfolio managers to sell auto debt.
