Las Vegas Sun

November 15, 2009

Currently: 53° | Complete forecast | Log in

Credit downgraded

Wednesday, Nov. 12, 2003 | 9:24 a.m.

DETROIT -- Credit ratings agency Standard & Poor's today lowered its long-term ratings on Ford Motor Co. to one notch above "junk" status, a decision the world's second-largest automaker disputed.

S&P last month said it was reviewing whether to lower its long-term and short-term ratings for Ford, its financing arm and rental agency Hertz Corp., but said it was highly unlikely ratings would be lowered below investment-grade status, a key qualification demanded by some large institutional investors in corporate debt.

"Ford's profitability and cash flow remain poor, and Standard & Poor's believes that only limited improvement will be achievable over the next few years," said S&P credit analyst Scott Sprinzen.

S&P said Ford had $180 billion of consolidated debt as of Sept. 30.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 15 Sun
  • 16 Mon
  • 17 Tue
  • 18 Wed
  • 19 Thu

All events on Sunday »