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Prospect News home > News index > List of issuers F > Headlines for Ford Motor Co. > News item
Published on 8/18/2006 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Fitch drops Ford Motor

Fitch Ratings said it downgraded the issuer default rating of Ford Motor Co. and Ford Motor Credit Co. to B from B+.

Fitch said it also lowered the Ford's senior unsecured rating to B+/RR3 from BB-/RR3 and Ford Credit's senior unsecured rating to BB-/RR2 from BB/RR2.

The outlook remains negative.

The agency added that the downgrade is based on the significant production cutbacks in the third and fourth quarter that reflect persistent share losses across key product categories. negative cash flows, including restructuring costs, could exceed $7 billion in 2006, including working capital and restructuring outflows.


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