Story has been updated with Monday opening prices for Ford and GM.
Detroit (TheStreet) -- Forecasters say July auto sales will likely reach their highest level since 2006, as the sector's growth continued to outpace the economy.
Meanwhile, a Standard & Poor's credit analyst said the rapid sales are fueling a potential crisis for recovery ratings in debt financing by secondary auto suppliers. Those ratings now lag the U.S. corporate average.
Shortly after Monday's opening bell, GM
(GM) shares were trading down 5 cents at $35.02. Shares are down about 14% year-to-date. Ford
(F) shares were trading down 5 cents to $17.57. Ford shares are up about 14% year-to-date.
J.D. Power projects that July U.S. light vehicle sales will gain 5% to 1.2 million units, while TrueCar estimates sales will gain 10% to 1.4 million units and Edmunds projects a gain of 11% to 1.5 million vehicles. Edmunds said sales will be at their highest level since July 2006, when the industry delivered 1.49 million new vehicles.
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