View Full Version : Fitch Drives Ford Deeper Into Junk-Land

06-09-2006, 08:35 AM
Fitch drives Ford deeper into junk-land


NEW YORK, June 8 (UPI) -- Fitch Ratings of New York cut Ford Motor Co.'s bond rating Thursday from B-plus, a junk rating, to BB, with a negative outlook.

The agency said its move was driven by "expectation of persistent revenue deterioration through at least 2006 due to continued market share losses, deteriorating mix, price competition, a lack of key product introductions, coupled with lack of tangible progress in reducing its cost structure."

It also cited what it described as a "relatively sparse product pipeline."