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GC Asia
Ford yanked to junk by Moody’s as restructuring raises concerns
Moody’s slashed Ford’s rating from Baa3 to Ba1 on Monday, placing the company in precarious crossover territory, as the other agencies have the firm on negative outlook. Other falling angels may land in the junkyard soon.
Shares in the grand old car giant fell 3% on the news. In fixed income, Ford's $1.5bn bond due in 2026 was Tuesday’s biggest loser, dipping slightly below par to 99.6 cents on the dollar, according to MarketAxess. Another issue, a $600m floating rate bond due in
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