GM, Ford, Chrysler Credit Ratings May Be Cut
There is speculation about takeovers, bankruptcy and asset sales . . . CT
General Motors Corp., Ford Motor Co. and Chrysler LLC credit ratings may be lowered by Standard & Poor's as higher gas prices inflict "financial damage'' on the auto industry.
A downgrade by Goldman Sachs brought shares of General Motors Corp. to their lowest level since December 1974.
A weakening economy and soaring fuel prices are dragging U.S. auto sales to their lowest levels in 15 years.
Ford, the second-biggest U.S. automaker behind GM, said today its losses will widen because sales of its large pickup trucks in the U.S. are plunging on $4-a-gallon gasoline - and it's financing unit, Ford Motor Credit, will also have a loss.
Sources:
Bloomberg
U.S. Carmakers Are Flat-Out Hurting
General Motors Corp., Ford Motor Co. and Chrysler LLC credit ratings may be lowered by Standard & Poor's as higher gas prices inflict "financial damage'' on the auto industry. A downgrade by Goldman Sachs brought shares of General Motors Corp. to their lowest level since December 1974.
A weakening economy and soaring fuel prices are dragging U.S. auto sales to their lowest levels in 15 years.
Ford, the second-biggest U.S. automaker behind GM, said today its losses will widen because sales of its large pickup trucks in the U.S. are plunging on $4-a-gallon gasoline - and it's financing unit, Ford Motor Credit, will also have a loss.
Sources:
Bloomberg
U.S. Carmakers Are Flat-Out Hurting
Posted on Friday, June 27, 2008 at 03:21PM
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