Debt rating agency DBRS downgrades Chrysler and General Motors

By The Canadian Press

TORONTO - DBRS downgraded its ratings on automakers Chrysler LLC and General Motors Corp. on Monday.

The debt rating agency lowered its rating fro Chrysler from B to CCC (high), while General Motors saw its rating lowered from B (high) to B (low). Both companies were assigned a "negative" trend.

DBRS confirmed its rating on Ford Motor Co. at B (low) with a "negative" trend.

"The company's business profile has been significantly undermined by the dramatic deterioration of the automotive industry in North America, where aggregate demand has dropped sharply given the well-documented economic concerns in the United States," DBRS said of all three automakers.