Ford’s Debt Ratings Cut for 3rd Time This Month
From Reuters
Fitch Ratings cut Ford Motor Co.’s debt ratings but left them at investment-grade status, marking a third downgrade for Ford this month as it struggles with flagging sales of sport utility vehicle and rising costs.
Despite the downgrade, the investment-grade rating means Ford’s bonds may stay in some widely followed credit indexes, preventing the forced selling that could have been triggered by a cut to “junk” status.
Fitch said it probably would not cut the No. 2 U.S. automaker to junk this year, which helped Ford’s bonds rally. Fitch cut Ford’s long-term credit ratings by one notch to BBB.
Ford shares rose 9 cents to $10.01 on the New York Stock Exchange.
