DETROIT (AP) - Standard & Poor's Ratings Services cut its corporate credit ratings to junk status for both General Motors Corp. (GM) and Ford Motor Co. (F), a significant blow that will increase borrowing costs and limit fund-raising options for the nation's two biggest automakers.
Shares of both companies fell 5 percent or more after Thursday's downgrades, and the news sent the overall market lower.
The decision by one of the nation's most respected ratings agencies comes as the two iconic American automakers are losing market share at home to Asian automakers, seeing sales soften for their most profitable models and are facing enormous health care and post-retirement liabilities.
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