DaimlerChrysler’s Credit Rating Lowered
Associated Press
Standard & Poor’s lowered the credit rating for DaimlerChrysler one notch, citing declining market share and the effect of incentives on the auto maker’s Chrysler Group.
A spokesman for DaimlerChrysler said the company had no formal reaction to the move, in which the firm’s credit rating went from A-minus to BBB-plus.
S&P; also pointed to losses at DaimlerChrysler’s Freightliner truck unit driving its decision.
The move comes two weeks after S&P; lowered the credit ratings of General Motors Corp. and Ford Motor Co. two notches from A to BBB-plus.
DaimlerChrysler shares fell 80 cents to $34.60 on the New York Stock Exchange.
