• AmeriCredit Corp. is canceling its senior notes, instead issuing 15.1 million shares to shareholder Fairholme Funds Inc.
Fairholme currently holds a 19.8% stake in the Fort Worth, Texas-based lender.
Click here to read more about the arrangement.
• Standard & Poor’s issued a statement today on its downgrade of Ford Motor Co. S&P lowered Ford’ rating on Friday to “CCC+” with a negative outlook. General Motors Corp. and Chrysler LLC maintain similar ratings, just four notches above a “D,” or default, rating.
“We expect the ongoing capital market turmoil and depressed sales and production levels to be significant negatives for the domestic automakers for the foreseeable future,” said Standard & Poor’s credit analyst Robert Schulz.
S&P also lowered its 2008 light-vehicle sales prediction to 13.3 million units — the
lowest level in 15 years — and it 2009 estimate to 12.3 million units. Last year, sales totaled 16.1 million.
To read the complete statement from S&P, click here.
