S&P followed Fitch in restoring Ford to investment grade this week
Ford Motor Co.’s return to the investment-grade market has removed billions of dollars from the high-yield market in a single day.
That comes after 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. Ford Credit, the company’s finance arm, was not included in the upgrade. S&P’s move coming right after weaker-than-expected quarterly earnings and uncertainty about its recent deal with the UAW surprised investors.
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