S&P may cut debt ratings on Ford, GM, Chrysler

Newswire

NEW YORK, June 20 (Reuters) - In another blow to beleaguered U.S. automakers, Standard & Poor's on Friday said it may cut its ratings on Ford Motor Co, General Motors and Chrysler LLC, citing financial damage resulting from high gasoline prices. Bonds and shares of Ford and GM extended losses, while the cost of protecting their debt with credit derivatives rose. S&P said it was concerned about cash outflows from all three automakers as high gas prices erode demand for sport ...

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