S&P cuts Delphi Corp.'s rating to junk

Newswire

NEW YORK, Dec 21 (Reuters) - Standard & Poor's on Tuesday cut its corporate credit rating on automotive supplier Delphi Corp. to junk status, saying production cuts at General Motors Corp. will pressure Delphi's earnings next year. Downgrades to junk can dramatically increase a company's borrowing costs. S&P cut Delphi's corporate credit rating to "BB-plus," the highest junk rating, from "BBB-minus" and its short-term rating to "B" from "A3." The outlook is stable. General ...

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