DBRS cuts Ford Motor Co.

DBRS said it downgraded Ford Motor Co.’s rating to BB (high) from BBB and the instrument ratings on Ford’s long-term debt and revolving credit facility to BB (high) with a recovery rating of RR4.

Concurrently, DBRS downgraded Ford Motor Credit Co. LLC’s long-term debt rating and long-term issuer rating to BB (high) from BBB. DBRS also downgraded the long-term debt ratings on Ford Motor Credit’s subsidiary, Ford Credit Canada Co., to BB (high) from BBB.

The trend on all long-term ratings is negative.

DBRS removed all ratings from under review with negative implications, where they were placed on March 27, the agency said.

“The rating downgrades reflect prior headwinds, including the company’s ongoing restructuring activities amid lackluster automotive conditions that the global coronavirus disease (Covid-19) outbreak has considerably exacerbated,” DBRS said in a press release.

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