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S&P: Ford on positive watch
Standard & Poor's said it placed the BB- corporate credit rating on Ford Motor Co. and Ford Motor Credit Co. LLC on CreditWatch with positive implications.
The agency also said it placed the BB counterparty credit rating on FCE Bank plc on CreditWatch positive as well.
If the agency raises Ford Motor's rating to BB+, the agency also said it will raise the issuer rating on FCE Bank to at least BB+.
S&P also said it placed all issue-level ratings on Ford's debt on CreditWatch with positive implications.
The recovery rating on the secured debt is 1, indicating 90% to 100% expected recovery in a default.
The recovery rating on its unsecured debt is 4, indicating 30% to 50% expected recovery.
The CreditWatch listing reflects a view that, upon Ford's completion of labor negotiations and ratification of an acceptable new four-year contract with the United Auto Workers union, S&P is likely to raise the rating to BB+ with a stable view.
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