Fitch trims Ford & Ford Credit

Fitch Ratings said it downgraded the issuer default ratings of Ford Motor Co. and its Ford Motor Credit Co. LLC finance subsidiary and affiliates to BBB- from BBB. The outlook for both Ford and Ford Credit is negative.

“The downgrade of Ford's IDR to BBB- with a negative outlook reflects Fitch's significant concerns about the effect that the global coronavirus mitigation actions currently underway will have on the company's near-term financial performance and credit profile,” the agency said in a press release.

Fitch also downgraded FCE Bank plc, Ford Credit de Mexico, SA de CV, Ford Holdings LLC, Ford Credit Canada Co. and Ford Capital BV.

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