S&P Signals Approval for GM, Ford as Industry Races to Recovery
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Detroit passed another significant signpost of its recovery as Standard & Poor’s Ratings Services yesterday revised General Motors Co.’s outlook to positive from stable and raised Ford Motor Co. to investment grade.
U.S. auto sales surged 17 percent last month and reached their highest level since May 2007. Detroit automakers, just four years after GM and Chrysler Group LLC went through bankruptcy, are now reaping profits not seen since the turn of the century.