DBRS assigns BBB to Ford notes

DBRS said it assigned a rating of BBB with a stable trend to the senior unsecured notes issued by Ford Motor Co.

The notes are issued in two series: $1.5 billion due Dec. 8, 2026, with a 4.346% coupon; and $1.3 billion due Dec. 8, 2046, with a 5.291% coupon.

Proceeds will be used for general corporate purposes.

On Feb. 17, 2016, DBRS upgraded Ford’s issuer rating to BBB. The upgrade reflected the improved profitability of Ford’s collective international operations (including equity income from its Chinese JVs) amid ongoing solid earnings in its core North American market.

The agency said it anticipates that Ford’s international earnings will continue to trend positively amid a combination of moderate industry growth (primarily in Europe), improved product cadence and ongoing efficiency gains.

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