Ford Rating Drops Again
Standard & Poor’s just reduced the Ford rating from B- to CCC+ (seven grades below investment quality).
This happened while Ford, General Motors and Chrysler try to convince the US Congress to accept a bailout plan for the auto industry. It looks like the Congress does not want to spend people’s money so easily, therefore the bailout might be delayed. In this case, the three big companies in the US auto industry might be in trouble.
The Ford rating just dropped. Will GM and Chrysler follow?