MMC dealt new blows by S&P, insurance firms

Newswire

TOKYO, June 21 (Reuters) - Ailing Mitsubishi Motors Corp (MMC) took a fresh beating on Monday when a ratings agency said the firm's existence was in question and Japanese insurance firms said they may demand compensation for damages they had paid on the company's cars. Credit rating agency Standard & Poor's cut its rating on MMC's bonds deeper into junk territory, down to CCC+ from B-, with a negative outlook, after Japan's fourth-largest auto maker revealed more safety defects. ...

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