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Moody’s raises rating on Ford, may raise Ford Credit
Moody’s raises rating on Ford, may raise Ford Credit
Posted Wednesday, Sep 9, 2009, 1:30 pm in Employee News
Moody’s Investors Service on Thursday raised its rating on Ford Motor Co. saying intensive restructuring has significantly improved the automaker’s viability, Reuters reported.
The rating action affects about $25 billion of debt, Moody’s said. Moody’s also said it may raise the ratings on Ford’s finance arm, Ford Motor Credit Co., the news service said.
“The period of greatest risk in Ford’s restructuring has passed,” Moody’s said in a statement. Ford now has a more sustainable cost structure and it should be able to fund its cash burn until a recovery in industry demand improves earnings and cash flow around 2011, Moody’s said in a statement.
Moody’s raised Ford’s corporate family rating by two notches to Caa1, seven steps below investment grade, the news service said. It said it may raise Ford Credit’s senior unsecured rating, now Caa1, the story said. (Reuters)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
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