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Mr. Grinstein's comments came after Delta reported a narrower fourth-quarter loss compared with 2003, but saw its debt downgraded further into junk territory.
The mining giant Anglo American Plc's debt has been downgraded further into junk territory by Moody's, which cited a deterioration in commodities market conditions and doubts over how long it will take the company to reduce debt levels.
Along with a lower rating, Hewlett-Packard's creditworthiness was assigned a "negative outlook," meaning that it is possible the company could be downgraded further in the next 6 to 18 months.
He said in a conference call that the fact G.M. was not downgraded further was "a real tribute to the remarkable progress G.M. has made in improving the competitive position of its North American business".
They calculated the chance of a default by Sotheby's over the next five years at 9.16percentt, a probability that would more than double if the company's bonds, now rated at junk status, were downgraded further.
He pointed out that the council had moved quickly to erase doubts about whether the central bank would continue to accept Greek bonds as collateral even if they were downgraded further.
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S.&P., on the other hand, consistently rated these sovereign borrowers lower and downgraded them further beginning in 2004.
The report for the third quarter, which was filed five days late, says the company faces immediate demand for $3.9 billion in debts if its credit rating is downgraded any further.
Any plan involving default could spark unforeseen consequences, as the rating of Greek debt, which many European banks hold on their balance sheets, would likely be downgraded even further.
The company hinted that it could yet downgrade further if the current foreign currency exchange rates were to worsen.
But the group began meeting monthly throughout 2010 as some analysts wanted to downgrade further and faster.
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