Wednesday, May 25, 2005

 

Second Bond Agency Cuts GM To Junk Status

Following on the heals of Standard & Poor's, Fitch has cut GM's bond rating to junk. This move covers GMAC as well, and surely will lend to further speculation that a spin-off of the finance arm is imminent.

It should be interesting to see what the stock market does in reaction to this, but trying to predict its behavior recently (either in broad terms or on one particular stock) is impossible, to say the least.

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