Moody's Investor Service downgraded Tesla's debt into junk territory back in March, warning at the time that Tesla didn't have cash to cover $ 3.7 billion for normal operations, capital expenses and debt that come due early next year. (cnbc.com)
Cash fell from $ 1.5 billion to $ 930 million, and Standard & Poor's cut the company's debt rating to CCC +, deep in junk territory, based on concerns about Penney's liquidity. (fortune.com)
Moody's Investors Service cut its grade further into junk territory Tuesday, keeping a negative outlook. (fortune.com)