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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.

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