Standard & Poor's Financial Services LLC on Wednesday downgraded Ford Motor Co. to junk status as the coronavirus pandemic reduces demand for new vehicles.
S&P put Ford's credit at "BB+" down a notch from "BBB-" and into a non-investment grade. The agency also issued the same rating for Ford's unsecured debt. The Blue Oval last week said it was borrowing $15.4 billion to provide financial flexibility as it shuts down plants in North America, Europe and South America. The downgrade is the company's second this week.
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