DETROIT (AP) — Ford Motor Co. says its credit rating has been restored to investment grade by the Fitch Ratings agency.
The automaker's debt has been at junk status since 2005. The company had to mortgage its factories and other assets to borrow billions in order to stay out of bankruptcy.
Ford issued this statement:
“We are very pleased with today’s decision by Fitch. It is an important proof point of the continued progress the Ford team is making with our One Ford plan. Moving forward, we will continue to focus on driving profitable growth for all of our stakeholders. In fact, our One Ford plan includes achieving strong investment grade ratings and maintaining investment grade throughout an economic cycle."
Company spokesman Jay Cooney says Ford's assets will be released as collateral once a second ratings agency boosts the company's credit rating.