S&P may lift U.S. carmakers

Standard & Poor's said it placed the ratings of Detroit's Big Three automakers on CreditWatch with positive implications.

The companies on watch for upgrade are Ford Motor Co., Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and General Motors Corp. The issuers all have a corporate credit rating of B.

According to the agency, the possible upgrade reflects the announcement that General Motors and the United Auto Workers have reached a tentative new labor contract that includes an agreement on post-retirement employment benefit obligations.

S&P said its review will first focus on General Motors but that it would later examine Ford and Chrysler once those companies reach agreements with the union.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.