Fitch Downgrades Ford and Ford Credit
CHICAGO -- Fitch Ratings has downgraded the Issuer Default Rating (IDR) of Ford Motor Co. and Ford Motor Credit Co. to 'BB' from 'BB+'. This rating action does not affect any of the short-term ratings.
CHICAGO -- Fitch Ratings has downgraded the Issuer Default Rating (IDR) of Ford Motor Co. and Ford Motor Credit Co. to 'BB' from 'BB+'. This rating action does not affect any of the short-term ratings.
Ford’s downgrade is based on the increasing concerns regarding the deep stresses in the supplier base, which will restrict Ford's ability to reduce costs in this area. Further market share losses and negative cash flows (including restructuring charges) are expected to continue through 2006, leading to a Negative Outlook.
The ratings of Ford Motor Credit Co. are linked to those of Ford due to the close business relationship between them. Fitch expects FMCC's earnings and dividends to decline noticeably going into 2006 primarily due to lower receivables outstanding and margins.
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