SAN FRANCISCO (MarketWatch) -- Standard & Poor's said Thursday it cut the ratings of the Big 3 automakers and their respective financing units because of mounting losses and the deteriorating U.S. auto market. S&P cut the ratings of General Motors Corp. , Ford Motor Co. , and Chrysler LLC to B- from B. Similarly, the ratings of GMAC LLC , Ford Motor Credit Co., and DaimlerChrysler Financial Services Americas LLC, a unit of Daimler AG , were cut to B- from B. S&P said the GM and Ford ratings were taken off review for a possible further downgrade, while Chrysler's remain on review. "We believe sharply lower U.S. light-vehicle demand and the recent dramatic shift in demand away from large pickup trucks and SUVs amid higher gas prices will complicate the turnaround efforts of all three automakers and reduce their currently adequate liquidity considerably over the next year and a half," said Robert Schulz, an S&P credit analyst, in a statement. ...
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