GM, Ford Motor Debt Ratings Cut to Junk by Moody's

peakoil.com, energyresources -> bloomberg.com :

General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, were lowered to junk by Moody's Investors Service following two quarters of losses at both companies' North American auto operations.

GM and Ford have struggled to maintain U.S. market share this year, resorting to offers of employee discounts to all buyers in an effort to boost sales. GM and Ford's market share slipped for much of this year as Asian automakers such as Toyota Motor Corp. attracted customers and the rising price of gasoline encouraged purchases of more fuel-efficient vehicles sold by foreign companies.

- Those who have been following this might be forgiven for asking, what took them so long?

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