Fitch Ratings today upgraded Ford and Ford Credit to investment-grade status by increasing its rating from BB+ to BBB-, reflecting growing confidence in the car-makers financial health.
The move follows Standard & Poors upgrading of Ford Credit Europe to investment grade last autumn, a rating that left the UK-based captive one notch above Ford itself which still has the junk status of BB+.
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Margaret Mellott, Ford Credits spokewoman based in Detroit said: Its certainly an important and positive step and we are very pleased with this recognition of Fords progress.
We expect the upgrade to bring down our overall borrowing costs over time.
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By GlobalData
