Dealers quote GM bonds as if already junk

Newswire

NEW YORK, March 21 (Reuters) - Dealers have started quoting General Motors Corp.'s bonds as if they were already junk rated, in the latest sign that investors are preparing for the automaker's debt ratings to lose their investment-grade status. GM bonds have been reeling since Wednesday, when Standard & Poor's and Fitch Ratings took initial steps to cut the world's largest auto maker's debt ratings to junk. Downgrades from both agencies could force legions of investment-grade portfolio ...

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