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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Ramsey Su who wrote (39615)	8/24/2005 5:01:54 PM
From: sciAticA errAticA	Read Replies (2) of 110194

Ford, GM Cut to Junk - $320 billion of debt By Chris Nichols Associate Editor 8/24/2005 4:48 PM EDT thestreet.com The debt of Ford and GM has been lowered to junk status by bond-rating agency Moody's -- downgrades that affect a total of about $320 billion of debt the automakers have. Moody's cut Ford's senior unsecured debt one notch to Ba1 from Baa3, and assigned a Ba1 corporate family rating, along with an SGL-1 speculative grade liquidity rating. Moody's also lowered the ratings of Ford Motor Credit's senior unsecured debt to Baa3 from Baa2 and the short-term rating to Prime-3 from Prime-2. The rating outlook for both companies is negative. The Moody's downgrade affects about $150 billion of Ford debt. Meanwhile, Moody's cut its ratings on GM's senior unsecured debt two levels to Ba2 from Baa3, and its short-term rating to not prime from Prime-3. The ratings firm also assigned a Ba2 corporate family rating and an SGL-1 speculative grade liquidity rating. General Motors Acceptance Corp. also got lowered, as Moody's dropped its senior unsecured debt rating to Ba1 from Baa2 and its short-term rating to not prime from Prime-2. The rating outlook for both companies is negative. Around $170 billion of GM debt is affected by the ratings cuts. ========== LOL!

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