S&P Upgrades Ford Credit Ratings

[Purveyor]

50 minutes ago

NEW YORK (AFP) — Ratings agency Standard & Poor's Monday said it had raised Ford's credit ratings to "CCC+" from "SD," or selective default, after the US automaker announced it had slashed its debt pile.

However, S&P said the outlook for Ford is negative, signaling the ratings could be lowered.

S&P said the "the upgrade reflects our evaluation of Ford's creditworthiness following the company's completion of what we considered to be a distressed debt exchange."

A week ago Ford announced it had slashed 9.9 billion dollars from a debt pile of 25.8 billion dollars under what it called a "successful" debt restructuring exercise that would lower annual interest expense by more than 500 million dollars.

After the April 6 debt announcement, S&P had downgraded the embattled automaker's credit rating to "SD" from "CCC+" but said a new rating would be forthcoming this month.

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AFP: http://www.google.com/hostednews/afp/article/ALeqM5iVqNgg44A30oVZFU03jH4OxjBIlw

[madrchsod]

1. so standard and poor`s has`t a clue on what ford is worth

ya like i`d trust company that has`t a clue on what they are doing.