This is what’s in the news for Thursday, July 14th. Moody's Investors Service says that at least 7,000 top-rated municipal credits would have their ratings cut if the U.S. government loses its AAA grade. Reuters reports that now that its bid for broadcaster BSkyB (PINK:BSYBY) has been withdrawn, News Corp. (NASDAQ:NWSA) is focused on fighting the political and legal fallout of the U.K. phone hacking scandal and is unlikely to rush any decision on asset sales. The Wall Street Journal reports that Borders Group (PINK:BGPIQ) was close to liquidation after a recent offer for the bookstore chain from private-equity investor Jahm Najafi fell apart late yesterday after publishers and landlords owed money from the company complained that the bid would allow him to liquidate the bookstore chain after buying the business. No other suitors have emerged ahead of a Sunday bidding deadline. Finally, the Detroit News reports that Chrysler (PINK:FIATY) will recall 242,000 Dodge Ram pickup trucks in the U.S., Canada and Mexico to replace a steering component that could break and increase the risk of a crash.