S&P; Downgrades Ford, Chrysler: Standard & Poor’s...
From Times Staff and Wire Service Reports
S&P; Downgrades Ford, Chrysler: Standard & Poor’s Ratings Group downgraded its credit ranking for Ford Motor Co. and Chrysler Corp., signaling sagging faith in the auto industry’s finances. Moody’s Investor Services Inc. said it is considering whether to change Chrysler’s rating. The ratings reflect how Wall Street views companies’ credit worthiness. Lower ratings generally mean that firms must pay higher interest to borrow in the credit markets. S&P; dropped Ford one notch to AA-minus from AA, considered a high level of investment grade securities. Chrysler fell to S&P;’s lowest investment-grade, BBB-minus from BBB.
