Ford lost its investment grade rating at Fitch in 2005, and the other two ratings agencies continue to rate Ford debt as ‘junk’, with S&P giving the company a rating of ‘BB+’ and ‘Ba1’, respectively. In its report Fitch said:
Since the last recession, Ford’s management has been heavily focused on increasing profitability, growing liquidity, lowering debt and reducing the company’s pension obligations. Fitch believes that the work that has been accomplished has put the company in a solid position to withstand the significant cyclical and secular pressures faced by the global auto industry.
Ford’s shares are up 1.5% at $11.52 in a 52-week range of $9.05-$16.18.
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