Joel thinking about murdered babies: “how can I make this about me and my personal political issue?”

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shut the fuck up Joel

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Oh no, they do mostly have investment-grade ratings (at the moment). It’s more that the bond market gets really skeptical of the auto market when there’s even a hint of downward pressure on consumer spending (new cars are one of the things people will defer buying first). Long memories of 2007/8…

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Anything that isn’t investment grade (BBB- or better) is technically junk. Investment grade means a very high likelihood of repayment in any event - ie, government bonds, banks, and insurance companies. Auto market is subject to many different forces which could cause problems over time.

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It’s better to think about it as “junk until proven otherwise”. To get an investment credit rating you have to prove that you have a very stable, long-term stream of income coming in. It’s harder for companies that might run into trouble in a recession to maintain strong credit ratings.

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