Moody’s cuts Ford Credit de Mexico debt

Moody’s Investors Service said it downgraded Ford Credit de Mexico SA de CV, SOFOM, ER's backed long-term global local currency senior unsecured debt rating to Baa3 from Baa2 and its backed long-term Mexican national scale senior unsecured debt rating to Aa3.mx from Aa2.mx.

The agency also downgraded the company’s backed short-term global local currency senior unsecured debt program rating to Prime-3 from Prime-2, but affirmed its backed short-term Mexican national scale senior unsecured debt program rating at MX-1.

The outlook remains negative.

Moody’s said the action follows a similar action taken on Ford Motor Credit Co. LLC's (senior unsecured rating of Baa3) ratings.

“The downgrade of Ford's ratings reflects the erosion in the company's global business position and the challenges it will face implementing its Fitness Redesign program,” the agency said in a news release.

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