S&P rates Ford notes BB+

Standard & Poor's said it assigned its BB+ issue-level rating and cnBBB+ Greater China credit scale rating to Ford Motor Co.'s 1 billion renminbi senior unsecured notes due 2015.

At the same time, the agency said it assigned a recovery rating of 3 to the notes, indicating an expectation that lenders would receive meaningful recovery in the event of a payment default.

The agency said the BB+ corporate credit rating and stable outlook on the company remain unchanged and reflect, among other things, Ford's prospects for generating free cash flow and profits in its global automotive manufacturing business because of improvement in its U.S. competitive position, but also challenges in Europe and substantial underfunded post-retirement obligations.

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