TEXT-S&P report on "cash for clunkers" program

Newswire

(The following statement was released by the rating agency) June 25 - The vehicle scrapping incentive that President Obama signed into law yesterday, also known as the "cash for clunkers" or "cash for guzzlers" program, is intended to revive weak U.S. auto sales by encouraging consumers to trade in their vehicles for more fuel-efficient models. But Standard & Poor's Ratings Services does not expect the program to improve the ratings on the domestic automakers or on foreign ones selling ...

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