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Bond managers react to GM and Ford downgrade

Investec Sterling Bond Fund managers Anna Lees-Jones and Harsha Patel say the downgrading of GM and Ford from investment grade to high yield by Standard & Poors highlights the need for radical change at the firms.

Lees-Jones and Patel say the companies have been in need of a wake-up call, as their spiralling healthcare costs and pension fund liabilities need to be addressed.

They say: “Both companies hold significant cash and could raise funds through asset sales, but without an operational turnaround the companies futures rest on their ability to keep refinancing.”

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