Moody's downgrades Ford bonds to junk, citing weak outlook
- 5 years ago
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Credit ratings agency Moody's has downgraded the bonds of Ford to junk status, citing weakness in the company's financial outlook amid a lengthy restructuring plan.
Moody's cut the American automaker by one notch to the non-investment grade B-A-1.
It said prospects for Ford's cash flow and profit margins next year and the year after are poor because of its restructuring plan, which could cost the company long-term.
Ford said in a statement that its underlying business is strong and its balance sheet is solid.
The carmaker announced in May that it will lay off about 7-thousand workers worldwide.
Credit ratings agency Moody's has downgraded the bonds of Ford to junk status, citing weakness in the company's financial outlook amid a lengthy restructuring plan.
Moody's cut the American automaker by one notch to the non-investment grade B-A-1.
It said prospects for Ford's cash flow and profit margins next year and the year after are poor because of its restructuring plan, which could cost the company long-term.
Ford said in a statement that its underlying business is strong and its balance sheet is solid.
The carmaker announced in May that it will lay off about 7-thousand workers worldwide.