S&P Downgrades Ford To Junk - Biggest Fallen Angel Yet

(Click on image to enlarge)

Will this sudden large fallen angel lead to further repricing in the junk bond market, just as the market is dead-cat-bouncing on Fed intervention?

Perhaps of most note, the downgrade to junk means - we think - that this disqualifies Ford debt from The Fed's corporate-bond-buying bandwagon - which is likely to make the cliff for Ford debt even more dramatic (especially after rallying so hard the last two days).

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