Entries Tagged 'Credit Crunch' ↓
March 13th, 2009 — Credit Crisis, Credit Crunch, Downgrade, Economy, Failure, General Electric, Immelt, S&P
General Electric had its credit rating downgraded by ratings agency Standard & Poor’s to AA+ from AAA, the Associated Press reported earlier this morning.
S&P’s reasoning on the downgrade is that GE’s finance arm, GE Capital, faces greater losses on real estate loans, and said that if GE Capital were a separate company, it would receive just an A rating.
This bad news comes on the heels of last week’s announcement that GE would be cutting its dividend by two thirds, a move that would save the company about $9 billion a year.
March 3rd, 2009 — Automobile Industry, Bailout, Car Makers, Credit Crisis, Credit Crunch, Economy, Import Cars, Japan, Japanese, TARP, Toyota
Toyota’s financing arm has entered discussions with a Japanese government-owned bank about a 200 billion yen ($2 billion) government loan.
Toyota Financial Services said that the talks with the Japan Bank for International Cooperation was just one lender that they have approached to gain additional funding.
The Japan Bank for International Cooperation started helping cash-strapped Japanese businesses last year as the global credit and financial crises unfolded does not comment on individual company matters.
Japan’s Finance Ministry said today that it will make an additional $5 billion available from its foreign reserves this month to the Japan Bank for International Cooperation, to make sure there is enough cash for needy businesses.
February 3rd, 2009 — Automobiles, Credit Crisis, Credit Crunch, Economy, Ford, GM, Gasoline Prices, U.S. Automakers, UAW, Unions
Sales at Ford tumbled more sharply than expected in January, making it a month that may be the worst on record for U.S. auto makers since 1982.
Ford today reported that its January sales fell 39% for Ford, Lincoln and Mercury brands from levels one year ago.
Edmunds.com had forecast a drop of 30%.
Industry experts expect all major automakers, including Asian automakers like Toyota and Honda to report a drop in sales of at least 25% when they issue their reports later today. Stay tuned.