More US Auto Industry Rot

Friday, November 25, 2005
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The domino effect continues within Detroit’s auto industry.

Fitch just sank Visteon – one of the world’s largest auto suppliers – even further with a new “negative” rating from its analysts. This happened in spite of Visteon restructuring earlier in the year, and dumping its unprofitable plants back onto Ford, causing Ford more grief than it can handle.

Visteon recently completed pro forma financials as it restated earnings going back to 2002 due to the improper recording of freight and materials expense.

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