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Moody's may cut Ford, Ford Credit, Hertz
Moody's Investors Service said it placed the Baa1 long-term rating of Ford Motor Co. and the A3 long-term rating of Ford Motor Credit Co. under review for possible downgrade.
Ford Credit's short-term rating is affirmed at prime-2.
Moody's is also reviewing the Baa2 long-term and prime-2 short-term ratings of Hertz Corp. for possible downgrade.
The review of the Ford rating is prompted by Moody's concerns about the company's ability to achieve its 2006 profit before tax target of $7 billion and sustain credit metrics that are solidly supportive of the Baa1rating.
The review of Ford Credit is driven by the review of the Ford Motor Co. rating and considers Moody's continuing one notch rating differential between the credits.
The review of Hertz is based on the ownership and operational ties between Hertz and Ford, according to Moody's.
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