And the hits just keep on coming. While the kids queue up for the new Mustang and Solstice, GM and Ford's credit ratings are taking a drubbing. Moody's Investors Service just derated $170 billion of GM's debt and $160 billion of Ford's to junk status. Moody's was the last of the three major rating services to make the junk proclaimation, following similar assessments by Standard & Poor's and Fitch back in May, although Fitch merely proclaimed a "negative outlook" for Ford.
Moody's Joins in Junking Cars [Chicago Tribune]
The Truth About the GM Death Watch: Discounting Employee Discounts [Internal]