May 5, 7:06 PM (ET)
By JOHN PORRETTO
DETROIT (AP) - A New York rating agency declared billions of dollars of debt owed by General Motors and Ford to be "junk" on Thursday, a significant blow that will increase borrowing costs and limit fund-raising options for the nation's two biggest automakers.
Shares of GM fell almost 6 percent and Ford shares declined 4.5 percent after Standard & Poor's Ratings Services downgraded the debt to below investment grade, which is commonly known as junk or high-yield status.
