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DBRS boosts Ford
DBRS said it has upgraded the issuer rating of Ford Motor Co. to B from B (low).
Additionally, the agency said that Ford's senior secured credit facilities have been upgraded to BB (low) from B (high) pursuant to its recovery rating of RR2, which reflects an estimated 70% to 90% recovery of principal amounts under a hypothetical default scenario.
Meanwhile, DBRS said that Ford's long-term debt has been upgraded to CCC (high) from CCC in accordance with a recovery rating of RR6 while the issuer and long-term debt rating of Ford Motor Credit Co. LLC and the long-term debt rating of Ford Credit Canada Ltd. have also been upgraded to B (high) from B.
The ratings upgrade reflects the company's ongoing improvement in its performance, as demonstrated by its current strong product momentum that has resulted in increasing market share in 2009 through early 2010, with March sales also expected to be strong, the agency stated.
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