S&P drops GM rating to "junk" status... - Saab General Bulletin Board - Saabnet.com
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S&P drops GM rating to "junk" status...
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Posted by Allen in N.O. (more from Allen in N.O.) on Tue, 13 Dec 2005 14:12:43 Share Post by Email
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From the New York Times Online:

"DETROIT, Dec. 12 - Standard & Poor's Ratings Services cut its rating on General Motors' debt two more notches into junk status on Monday, putting the automaker at the lowest level in the 52 years that S.& P. has been assessing its creditworthiness.

And if G.M.'s financial position continues to deteriorate, Scott Sprinzen, an automobile analyst for Standard & Poor's, said, it is "not far-fetched" that G.M. may ultimately be forced to seek bankruptcy protection to restructure its debt and its labor contracts.

G.M., the world's biggest auto company, reiterated Monday that it had no intention of seeking Chapter 11 bankruptcy protection. A G.M. spokesman, Jerry Dubrowski, said G.M. has "an aggressive and well-thought-out strategy to turn around our North American business," which has lost more than $4 billion this year.

Nonetheless, the S.& P. ratings cut and bankruptcy warning threw fuel on the smoldering speculation that G.M. would be forced to seek court protection. Although other industry analysts have warned that the possibility exists, the debt-rating agency is privy to confidential G.M. information, which it uses to assess the company's risk of default."

Complete story at the below link...

Allen *BACK* in New Orleans
'95 9000 CSE

posted by 68.11.78...

NYTimes GM's S&P rating story

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