Ford Motor Co.’s credit rating was cut to one notch above junk by Moody’s Investors Service, adding to the car company’s woes after it embarked on a costly restructuring that could take years to complete.
Moody’s downgraded Ford to Baa3 from Baa2 with a negative outlook, it said in a report Wednesday. The ratings company cited erosion in Ford’s “global business position and the challenges it will face implementing” its restructuring effort that could rack up $11 billion in the next three to five years.
