Report title: Research Update: Ford Motor Co. Corporate Credit Rating Lowered To 'CC' On Distressed Debt Exchange; Outlook Negative
from S&P Credit Research
1385 word report published Mar 04, 2009

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Abstract: On March 4, 2009, Standard&Poor's Ratings Services 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 (see list below). 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 under our criteria. Under

Brief Excerpt: RESEARCH Ratings Definitions Research Update: 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...

Report Type: Research Update
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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