Ford’s Rating Inches Toward Junk at S&P on ‘Subpar’ Performance
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Ford Motor Co. sustained its second cut in as many months by a major credit-ratings company concerned that the major restructuring the automaker embarked on last year is moving too slowly.
S&P Global Ratings lowered its grade on Ford to BBB-, one step removed from junk, and assigned a stable outlook. It called the carmaker’s performance in China and Europe “subpar” and said Chief Executive Officer Jim Hackett faces “high execution risks” in his efforts to turn the company around.