S & P drops GM to junk bond Status
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Disciple
Joined: Nov 2000
Posts: 1,479
S & P drops GM to junk bond Status
Bloomberg News
May 5 (Bloomberg) -- General Motors Corp., the world's biggest carmaker, had its debt rating cut to junk by Standard & Poor's, after the company reported its worst quarterly loss in 13 years.
GM had been lowered three times by the ratings company since 2001. GM, with about $300 billion in notes, bonds, loans and asset-backed securities as of Dec. 31, is the biggest company ever cut to junk. The former biggest so-called fallen angel was WorldCom Inc., which had $30 billion of bonds cut to speculative grade on May 10, 2002.
GM had been lowered three times by the ratings company since 2001. GM, with about $300 billion in notes, bonds, loans and asset-backed securities as of Dec. 31, is the biggest company ever cut to junk. The former biggest so-called fallen angel was WorldCom Inc., which had $30 billion of bonds cut to speculative grade on May 10, 2002.
Banned
Joined: Jul 2001
Posts: 3,604
From: Milton, FL
Re: S & P drops GM to junk bond Status
today or tomorrow hundreds of retirement funds are going to sell their GM holdings
3 or 4 days from now the stock will officially tank, and i'm going to be first in line to buy
3 or 4 days from now the stock will officially tank, and i'm going to be first in line to buy
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Joined: Dec 1969
Posts: 1,911
From: Southern California (SoCal)
Re: S & P drops GM to junk bond Status
May-to-October is historically the weakest months (Nov-April is the strongest) to be in the stockmarket so Im holding off purchasing some GM til Sept/Oct.
Last edited by johnsocal; May 5, 2005 at 02:17 PM.
Registered User
Joined: Sep 2002
Posts: 9,705
From: Oakland, California
Re: S & P drops GM to junk bond Status
Originally Posted by johnsocal
May-to-October is historically the weakest months (Nov-April is the strongest) to be in the stockmarket so Im holding off purchasing some GM til Sept/Oct.
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