NEW YORK, Oct 29 (Reuters) - Giant German auto maker DaimlerChrysler AG is planning to sell $1.5 billion in 10-year global notes on Thursday, said joint lead manager Banc of America Securities on Wednesday.
Last week S&P cut the company's corporate credit rating to "BBB," its second-lowest investment grade, citing concerns about the Chrysler Group's prospects amid intensifying competition in the North American auto market. Moody's rates DaimlerChrysler's outstanding debt "A3," its seventh-highest investment grade out of 10.
Citigroup Global Markets, Deutsche Bank Securities and J.P. Morgan are also arranging the sale.