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Ford Motor gets cut to junk by Moody’s; Hospitality Properties, Prudential Financial price
By Rebecca Melvin
New York, Sept. 10 – Ford Motor Credit Co. LLC’s bonds – and there are lots of them – were weighed on Tuesday by a downgrade by Moody’s Investors Service of the company’s senior unsecured rating to junk status.
Ford will still be included in the major IG indexes for the time being because the company remains at mid-BBB at both Standard & Poor's and Fitch. (Moody’s cut the senior credit rating to Ba1 from Baa3.) Meanwhile the IG primary market kept humming, albeit at a slower pace than on Monday. Among the larger deals was Hospitality Properties Trust, which priced $1.7 billion of fixed-rate senior notes in three parts.
The Newton, Mass.-based real estate investment trust tranches were $825 million of 4.35% notes due 2024 priced at 99.882 to yield 4.376%, or a spread over U.S. Treasuries of 289 bps; $450 million of 4.75% notes due 2026 priced at 99.844 to yield 4.776%, with a spread over Treasures of 313.5 bps; and $425 million of 4.95% notes due 2029 priced at 98.954 to yield 5.084%, or a spread of 337.5 bps over Treasuries.
Newark, N.J.-based financial services company Prudential Financial, Inc. sold $1.5 billion of 3.7% series E medium-term notes due March 13, 2051 on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
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