Novità sui Bonds spazzatura emessi da Ford.
Moody's cuts Ford ratings further into junk
Fri Nov 7, 2008 3:42pm EST
NEW YORK, Nov 7 (Reuters) - Moody's Investors Service on Friday downgraded ratings of Ford Motor Company and its finance arm Ford Motor Credit further into speculative, or "junk," territory amid concerns about the pace at which the company is burning through its cash.
The agency cut the corporate family and probability of default ratings of Ford Motor by a notch to "Caa1", or seven notches into junk status. The outlook remains negative, meaning it could lower the rating again within two years.
It cut Ford Credit by one notch to "B3," or six notches into junk, and also maintained a negative outlook.
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There will be a considerable degree of downside risk in the US auto sector through 2009," said Bruce Clark, senior vice president at Moody's.
Ford had negative operating cash flow of $13.5 billion in the year through September, while earnings before interest and taxes were negative and did not cover interest costs, he said.
While government loans would improve Ford's liquidity position, with U.S. demand expected in the 12 million to 13 million unit range through 2009, Clark said: "Ford's overall credit profile and metrics would likely remain fairly stressed well into 2010."
Bonds issued by Ford continued to trade at highly distressed levels on Friday. Ford's 7.45 percent bond due July, 2031 was last trading at 28 cents on the dollar, down 1.5 cents on the day.
http://www.reuters.com/article/marke...30930920081107
FORD: MOODY'S TAGLIA RATING, OUTLOOK NEGATIVO
21:00 ven 07 novembre 2008
(ANSA) - NEW YORK, 7 nov - L'agenzia internazionale di rating Moody's ha tagliato il rating di Ford a Caa1 con outlook negativo. Lo comunica Moody's. (ANSA).
http://news.excite.it/economia/59314...TLOOK-NEGATIVO