Moody’s lowers rating on General Motors, Chrysler

The agency maintained its CAA1 rating for Ford, but said its ratings on both Chrysler and GM were lowered to CA from CAA2.

“The rating outlook is negative,” Moody’s said in statements on both companies, citing a recent plunge in U.S. auto demand and shift in consumer preference to smaller vehicles that along with a global credit crisis have conspired to wreak havoc on the industry.

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