Woah, is this a foreshadow of the death of the big 3?

S&P downgrade:

S&P placed all three carmakers' credit ratings on CreditWatch with negative implications, according to a statement today. New York-based S&P, a unit of McGraw-Hill Cos., said it may also downgrade the companies' financing arms

S&P rates all three automaker's debt B, five levels below investment grade. For issuers rated B, ``adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment,'' according to S&P's ratings definitions

Looks like they are blaming the big 3's refusal to face reality and continue to push gas guzzling trucks/SUVs now in the face of $4 dollar gas.