UPDATE 1-Auto bonds sink in value after rating moves

Newswire

(Adds background, comment from analysts) By David Wigan LONDON, Oct 22 (Reuters) - Auto bonds sank in Europe early on Wednesday after credit rating agency Standard & Poor's downgraded DaimlerChrysler on Tuesday and said it may cut Ford Motor Co to just above "junk" grade. Traders said DaimlerChrysler's seven percent euro bond due March 2011 was yielding 121 basis points more than benchmark swaps at around 0905 GMT, 15 basis points wider on the day. Ford's 5.75 percent euro bond ...

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