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Auto giant Ford Motor has been upgraded at Fitch Ratings to BBB- from BB+, sending the once beleaguered giant back into investment grade territory.Fitch reiterated a stable outlook on Ford.
“The upgrade of Ford’s ratings reflects the automaker’s significantly improved financial performance, balance sheet repair, and product portfolio improvement that have taken place over the past several years,” Stephen Brown of Fitch said.
In December of 2005, Fitch downgraded Ford to junk status as its core SUV business faced extreme duress. Since then, the company has not been rated as investment grade until today.
Shares in Ford are up more than three per cent in pre-market trading.