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Article: AUTO NEWS digest.
- Article from:
- Automotive News
- Article date:
- August 18, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Moody's cuts GM rating
NEW YORK-Moody's Investors Service last week lowered its ratings of General Motors one notch to Caaa1 seven levels below what it considers investment grade. The rating had been B3.
The ratings agency said GM could have cash-flow problems if industry sales stay below 15 million units through 2009.
Delphi ends battery venture
DETROIT Delphi has sold its 19.5 percent stake in battery maker EnerDel Inc. to Ener1 Inc., which becomes the sole owner of the venture the companies formed in 2004.
In exchange, Delphi gets 2.86 million shares of stock in Ener1, plus $8 million in cash. It also has warrants that ...