Bloomberg Markets with Carol Massar and Cory Johnson. GUEST: Joel Levington Senior Analyst:US Credit Bloomberg Intelligence Discussing what a downturn would look like in autos, given the high level of interest. Punch line is that a moderate decline, akin to what has been experienced in the past, would lead some suppliers to trip loan covenants and most to have metrics outside of what rating agency expectations are -- yet none of that is priced in the bonds.