Join Date: Feb 2001
Location: The Hills of North Georgia,USA
US:Fitch cuts Ford's ratings deeper into junk status
Fitch cuts Ford's ratings deeper into junk status
NEW YORK -- Fitch Ratings on Monday cut its ratings on Ford Motor Co. deeper into junk status, citing increased potential for strikes and supply disruptions at the automakers' parts suppliers.
With a number of major suppliers in bankruptcy and the industry as a whole suffering financial stress, it will be difficult for Ford to reduce costs in this area, Fitch said in a statement. Coupled with other pressures on Ford's profit margins, supplier troubles will challenge Ford's ability to stabilize cash flows, the rating agency said.
Fitch cut the long-term ratings on Ford and its finance arm Ford Motor Credit Co. by one notch to "BB," two steps below investment grade, from "BB-plus." The outlook is negative, meaning another rating downgrade is likely over the next two years.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....