S&P cuts Big Three carmaker ratings lower into junk

The San Diego Union Tribune reports:

Standard & Poor's Thursday cut ratings on all three major U.S. automakers deeper into junk status, citing expected losses due to higher gas prices and a weakening U.S. economy.

S&P cut its ratings for General Motors Corp, Ford Motor Co and Chrysler Automotive LLC to “B-minus,” or six levels below investment grade, from “B.” It also cut to ”B-minus” from “B” the finance arms of Ford, Chrysler and GMAC, which is 49 percent owned by GM.