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Gold9472
06-09-2006, 08:35 AM
Fitch drives Ford deeper into junk-land

http://www.upi.com/NewsTrack/view.php?StoryID=20060608-044310-9967r

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."