Standard & Poor's cut GM's and Ford's debt ratings to junk status today citing competition and slow sales. News of the rating change shook financial markets weakening the stock market and the dollar. While both automakers have plenty of cash to pull them through a few quarters, profitability must return quickly. The downgrades are the largest cuts to junk in a single day, amounting to $290 billion of unsecured corporate bonds. We're not financial guys and some of this article is Greek to us, we just hope for the fortunes to turn for U.S. automakers.
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