S&P gloom over car makers sparks bonds sell off

Standard & Poor's has stunned investors in auto sector bonds and sparked a bout of selling after it downgraded the credit ratings of DaimlerChrysler and Ford and affirmed its negative outlook on General Motors.

S&P placed Ford's triple-B rating on CreditWatch negative on Tuesday, indicating that a downgrade to BBB-, one notch above junk status, is likely within a few weeks.

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Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout FirmsExternal link

Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout Firms