Ford’s credit rating is cut again
Credit risk firm Moody‘s has slashed its rating on Ford further into “junk” status, just a week after rival Standard and Poor‘s did the same.
Both downgrades will make it more costly for Ford to raise credit on the debt markets.
Moody‘s warned that the financial and competitive position of Ford “will remain under considerable stress through 2007″.
Last week, Ford posted a slide of 8.7% in December sales.
Moody‘s has cut its rating on Ford by two notches, from “Ba1″ to “Ba3″, while S&P cut its to “BB minus”, the third highest junk rating.
Source: BBC.
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