Ford debt cut to two notches above 'junk' by S&P

Newswire

By Jonathan Stempel NEW YORK, Oct 25 (Reuters) - Standard & Poor's on Friday cut its long-term debt rating for Ford Motor Co. and its finance arm to two notches above "junk" status, on concern about restructuring prospects for the world's No. 2 automaker. S&P's outlook for Ford is "negative," meaning another rating cut is more likely than an upgrade. Ford had $162 billion of debt as of Sept. 30, S&P said. The downgrade might boost the automaker's borrowing costs as Chief ...

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