AppId is over the quota
AppId is over the quota
By AutoObserver Staff October 21, 2011
Fitch Ratings said it is upgrading its credit rating for Ford Motor Co. and Ford Motor Credit from BB to BB+ and also issued a “positive outlook” for Ford’s future rating potential, a boost to Ford’s objective of returning its credit to investment-grade status. In the Fitch rating system, a one-step move to BBB- indicates the rating service’s first level of investment-grade rating. Fitch said in its announcement that “Ford’s ratings could be upgraded in the next 12 to 24 months,” and “An upgrade to an investment-grade (Issuer Default Rating) of BBB- or higher would require further conviction that the company's operating and financial profile are sufficiently strong to withstand the myriad secular and cyclical pressures present within the industry.”
A Ford spokesman issued a statement saying, “We continue to make progress on our plan, and we are pleased with this positive step. Ultimately, the credit rating agencies determine when we return to investment grade. Our job is to stay focused on making progress on our plan.” Fitch’s statement added that for Ford to win investment-grade rating for its bonds will require the company to continue with its plan to reduce debt to $10 billion by mid-decade and maintain total liquidity at or above current levels and that Ford’s current underfunding of its global pension plan continues to pose risks.
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