AUTO INDUSTRY
From Times Staff and Wire Reports
Moody’s Lowers Chrysler’s Rating: Dealing another blow to Chrysler Corp., Moody’s Investors Service Inc. lowered its ratings on $16 billion worth of Chrysler’s debt. The credit rating agency said it downgraded the struggling No. 3 auto maker’s senior debt two notches to B-2 from Ba-3. The move, which could raise the company’s borrowing costs, affected all Chrysler units, including Chrysler Financial Corp. The downgrade pushed Chrysler deeper into junk bond territory, following a similar move by rival ratings agency Standard & Poor’s Corp. Chrysler took issue with the downgrade.
