Moody’s sent Ford Motor debt even further into junk territory, citing the menace of a severe and prolonged downturn in car markets owing to the coronavirus.
The ranking agency on reduced Ford’s corporate spouse and children and senior unsecured debt rankings to Ba2 from Ba1 and place the rankings under a downgrade enjoy as it opinions no matter if the organization can “reverse a prolonged erosion in working general performance and competitive situation in all of its important markets, which are now even further burdened by what could be a prolonged period of weak demand and economic uncertainty.”
Ford’s rankings “reflect what is an now-pressured credit history profile and a very long-term restructuring software,” Moody’s said in a information launch. “The organization is now in addition burdened by the prospect of a severe and prolonged decline in automotive markets precipitated by the coronavirus.”
Moody’s go was matched by S&P, which