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GM debt cut to junk by S&P:
- Thread starter capmac
- Start date
05 May 2005 16:56 GMT
MARKET TALK: S&P Cuts Credit Ratings On GM, Ford
12:55 (Dow Jones) It's official: S&P has downgraded GM and GMAC to junk. The two-notch downgrade brings GM and GMAC and all related entities ratings to BB/B-1 from BBB-/A-3 and kept a negative outlook. "The downgrade to non-investment-grade reflects our conclusion that management's strategies may be ineffective in addressing GM's competitive disadvantages. Still, GM should not have any difficulty accommodating near-term." GM's bonds due 2033 fall 5 points in response. S&P also cuts Ford (F) one-notch with a negative outlook. "The downgrade to non-investment-grade reflects our skepticism about whether management's strategies will be sufficient to counteract mounting competitive challenges." S&P's long- and short-term corporate credit ratings on Ford Motor Co., Ford Motor Credit Co., and all related entities - except those of Hertz Corp.- now stand at 'BB+/B-1' from 'BBB-/A-3'. (GMM)
MARKET TALK: S&P Cuts Credit Ratings On GM, Ford
12:55 (Dow Jones) It's official: S&P has downgraded GM and GMAC to junk. The two-notch downgrade brings GM and GMAC and all related entities ratings to BB/B-1 from BBB-/A-3 and kept a negative outlook. "The downgrade to non-investment-grade reflects our conclusion that management's strategies may be ineffective in addressing GM's competitive disadvantages. Still, GM should not have any difficulty accommodating near-term." GM's bonds due 2033 fall 5 points in response. S&P also cuts Ford (F) one-notch with a negative outlook. "The downgrade to non-investment-grade reflects our skepticism about whether management's strategies will be sufficient to counteract mounting competitive challenges." S&P's long- and short-term corporate credit ratings on Ford Motor Co., Ford Motor Credit Co., and all related entities - except those of Hertz Corp.- now stand at 'BB+/B-1' from 'BBB-/A-3'. (GMM)
Still holding GM short. Gain back a little of the losses from yesterday gap on K's buy of 9% stake... Hope the thing tanks...
".... Psssst.. .Mr Kerkorian... Pssst.... you wanna make a couple million in about a day?"
" Um.... sure, what exactly do I have to do...."
"well, ya see it's like this..........."
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And so goes yet another scam performed by "those in the know" to collect free $$$-as the rich get richer- which will as usual go undetected by general market lemmings. coincidence you say? Me thinks not.
" Um.... sure, what exactly do I have to do...."
"well, ya see it's like this..........."
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And so goes yet another scam performed by "those in the know" to collect free $$$-as the rich get richer- which will as usual go undetected by general market lemmings. coincidence you say? Me thinks not.