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twitterAutomaker’s credit rating cut
Friday, Oct. 25, 2002 | 9:58 a.m.
DETROIT -- Ford Motor Co.'s long-term credit rating was cut today by Standard & Poor's because of "concerns about the adequacy" of the world's second-largest automaker's plan to return to profit.
S&P lowered ratings one level to BBB from BBB+ on Ford and its Ford Motor Credit Co. unit. Ford had consolidated debt of $162 billion as of Sept. 30, and the new ratings are two levels above junk status.
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