DBRS upgrades Ford

DBRS said it upgraded Ford Motor Co.'s issuer rating to B (low) from CCC (high) and upgraded the issuer and long-term debt rating of Ford Motor Credit Co. LLC and the long-term debt rating of Ford Credit Canada Ltd. to B from B (low). The short-term ratings of both finance subsidiaries remain R-5.

The agency also assigned ratings of B (high) and CCC to Ford's senior secured credit facilities and long-term debt, respectively.

The trend is stable.

The upgrade reflects the company's considerable progress in lowering its cash burn and thereby maintaining its liquidity position, the agency said.

However, a protracted turnaround is required in order for the company to significantly improve its still-weak financial profile, DBRS said.

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