From the Junk In The Trunk dept...

Standard & Poor's rocked the bond markets last week with its simultaneous downgrades of the corporate debt ratings of both General Motors and Ford Motor Co. into speculative grade territory, and while the move was widely expected, sources say it came sooner - and in the case of GM, more drastically - than expected. General Motors and GMAC were downgraded two notches to BB,' while Ford was downgraded one notch to BB+.' The news came shortly after word hit the market earlier in the morning that Ford had stopped issuing ABCP.

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