Report title: Ford Motor Co. Corporate Credit Rating Lowered To 'CC' On Distressed Debt Exchange; Outlook Negative
from S&P Credit Research
1204 word report published Mar 04, 2009

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Abstract: NEW YORK (Standard&Poor's) March 4, 2009--Standard&Poor's Ratings Services today said it has lowered its corporate credit rating on Ford Motor Co. to 'CC' from 'CCC+'. We also lowered the issue-level ratings on the company's senior secured term loan, senior unsecured debt, and subordinated debt, while leaving the issue-level rating on Ford's senior secured revolving credit facility unchanged. In addition, the counterparty credit ratings and issue-level ratings on Ford Motor Credit Co. (Ford Credit) and FCE Bank PLC remain unchanged. The outlooks on Ford and Ford Credit are negative. The downgrades on Ford follow the company's announcement today of a debt restructuring, which we consider to be a distressed exchange and, as such, tantamount to a default

Brief Excerpt: RESEARCH Ratings Definitions Ford Motor Co. Corporate Credit Rating Lowered To '##' On Distressed Debt Exchange; Outlook Negative Publication date: 04-Mar-2009 Primary Credit Analysts: Robert Schulz, CFA, New York (1) 212-438-7808;...

Report Type: Ratings Action
Ticker: F
Issuer: Ford Motor Co.
GICS: Automobile Manufacturers (25102010)
Sector: Asset-Backed Commercial Paper, Asset-Backed Securities, Automotive, Capital Goods, Collateralized Debt Obligations, Corporations, Financial Institutions, Global Issuers, Structured Finance
Country: United States
Region: United States
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