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Debt and Pension

Credit Ratings

Our short-term and long-term debt is rated by four credit rating agencies designated as nationally recognized statistical rating organizations (“NRSROs”) by the U.S. Securities and Exchange Commission:

  • DBRS Limited (“DBRS”);
  • Fitch, Inc. (“Fitch”);
  • Moody’s Investors Service, Inc. (“Moody’s”); and
  • Standard & Poor’s Ratings Services, a division of McGraw Hill Financial (“S&P”).

In several markets, locally-recognized rating agencies also rate us. A credit rating reflects an assessment by the rating agency of the credit risk associated with a corporate entity or particular securities issued by that entity. Rating agencies’ ratings of us are based on information provided by us and other sources. Credit ratings are not recommendations to buy, sell, or hold securities, and are subject to revision or withdrawal at any time by the assigning rating agency. Each rating agency may have different criteria for evaluating company risk and, therefore, ratings should be evaluated independently for each rating agency.

In the first half of 2016, Ford and Ford Credit received ratings upgrades from each of these NRSROs.

The following chart summarizes certain of the credit ratings and outlook presently assigned by these four NRSROs:

NRSRO RATINGS
Ford Ford Credit NRSROs
Issuer Default / Corporate /
Issue Rating
Long-Term Senior Unsecured Outlook / Trend Long-Term Senior Unsecured Short-Term Unsecured Outlook / Trend Minimum Long-Term Investment Grade Rating
DBRS BBB BBB Stable BBB R-2M Stable BBB (low)
Fitch BBB BBB Stable BBB F2 Stable BBB-
Moody's N/A Baa2 Stable Baa2 P-2 Stable Baa3
S&P BBB BBB Stable BBB A-2 Stable BBB-