S&P ups Ford Motor debt

Standard & Poor's said that it raised the senior issue-level ratings to BB- on Ford Motor Co. (BB-/positive) the same as the corporate credit rating, from B+. The recovery rating was revised to 4, indicating expectations of average (30% to 50%) recovery in the event of a default, from 5.

All other ratings are unaffected by this review of the recovery prospects for the senior unsecured debt at Ford.

The upgrade of the unsecured issues reflects the improved recovery prospects because of the ongoing decline in senior secured debt, partly offset by the increase in unrated second-lien loans from the Department of Energy, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.