Not good news for this legendary American company.
Ford was cut to junk by S&P Global Ratings as the coronavirus pandemic delivers a shock to the global auto industry, rendering the No. 2 U.S. automaker the largest fallen angel to date.
S&P downgraded Ford’s credit rating one notch to BB+ and may cut it further, according to a statement Wednesday.
The move follows Moody’s Investors Service, which dropped its rating Ford for the second time in sixth months earlier Wednesday.
Shares of Ford were down 0.93% at $5.33 in trading on Thursday (today).
The stock has dropped more than 40% this year.
What will happen...... what can happen....... to pull them out of this tailspin?
Ford makes really great vehicles -- but confidence & spirits are really, really low right now pretty much everywhere.
Everywhere except Purell.
Grace & Peace & Love to you all -
Matt