Ouch, that's going to leave a mark -- Standard and Poor's
just put its ratings for General Motors, Ford and Chrysler on CreditWatch
with negative implications. S&P is also putting its ratings on their finance units (GMAC
, Ford Motor Credt
Financial Services Americas) on watch negative. The reason? You guessed it -- plunging demand for SUVs
and pickups due to surging energy prices. The Detroit Free Press had a story earlier this week
about how June is shaping up to be an extremely nasty month.