Ford Motor's credit restored to investment grade after S&P upgrade

📆 31/10/2023 15:47:00
📰 MarketWatch

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Ford bonds see selling as they are no longer eligible to be included in high-yield bond funds

S&P Global Ratings upgraded Ford Motor Co.’s rating to BBB- late Monday, restoring it to investment grade after it was lowered into junk in 2020.

S&P also highlighted the company’s cash balance of about $29 billion as of Sept. 30, overall liquidity of about $51 billion, and said that gives it ample leeway to compete in its end markets. The agreement would increase top wages at Ford by more than 30% to more than $40 an hour and push up starting wages by 68% to over $28 an hour once cost-of-living adjustments are factored in, the union said last week. The deal ended a strike and sent Ford workers back to their jobs.

Trading over the last 10 days has been mixed, apart from the 7.32% notes that nature in 2030, which have been heavily sold.

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S&P Global upgrades Ford’s rating and restores it to investment gradeCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
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