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SEARCHFord Motor Credit Co. has no plans to change operations despite a recent warning its ratings may be cut to junk status, its chief financial officer Dave Cosper told Reuters.
Ford Motor Credit Co. has no plans to change operations despite a recent warning its ratings may be cut to junk status, its chief financial officer Dave Cosper told Reuters.
Standard and Poor’s currently rates Ford at BBB-, just one notch above junk status. The company had consolidated debt of $173 billion at the end of 2004, the ratings agency said.
If S&P were to cut Ford's rating to junk the automaker's borrowing costs would rise and billions of dollars of Ford bonds would hit the high-yield corporate bond market, which has a smaller investor base.
Ford Motor Credit, one of the world's largest automotive finance companies, plans to borrow up to $25 billion in 2005 and has already raised $12 billion of this target, Cosper said.
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