Debt Consolidation And Credit By Armando Duke
Standard & Poor' term corporate credit ratings on Ford Motor Co., Ford Motor Credit Co., - except those of Hertz Corp. - to 'BB+/ 1' from ' / 3'. S&P also said that Ford's rating outlook is negative.
Check Credit Rating (AXcess News) Detroit - Ford Motor Co. (NYSE: F) said it was selling Hertz rent-a-car to a group of investment companies for $5.6 billion.
The figure was higher than increase in February and broadly in line with the previous six month average, the BoE said. However, month growth rate weakened to 10.2%, from 10.3% in February. The increase in consumer credit of .3 billion was much lower than in February and credit card lending increased by .2 billion in March compared with .5 billion in February. Other loans and advances rose by .1 billion (down from .8 billion in February). The annual growth rate of consumer credit continued to fall, to 7.5% in March.
Improve Credit Rating Including debt, the deal is valued at $15 billion. The sale of Hertz is the largest leveraged buyout since Kohlberg Kravis Roberts & Co. bought RJR Nabisco for $31 billion in 1989.
month growth rate has been unchanged at 10.3% since March. Secured loan lending for June was also below May's figure at .0 billion, but above the previous six month average. month growth rate continued to increase marginally, by 0.1% to 11.0%. The increase in consumer credit of .8 billion was lower than in May. According to the official figures, there was hardly any growth in credit card lending in June, compared with a .2 billion increase in May.
Credit Online Rating Report Ford was selling its rental car division to raise cash in the face of slumping sales and tough competition from foreign auto manufacturers. Three out of the last fourquarters Ford has lost money and CEO William Clay Ford Jr. has said the company will turn itself around and become profitable once again.
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Credit Score Rating Scale The buyout groupis comprised of Clayton Dubilier & Rice, Carlyle Group and Merrill Lynch Global Private Equity.
8mong many firsts for the group market, the new technology platform enables consumers to do something that other sites haven k allowed to book travel and accommodations for more than five rooms in a single online session. Featuring more than 56, 000 hotels, including 7, time group rates, Groople is primed to become the industry largest automated solution for unmanaged group leisure travel, a market estimated at $18 billion to $24 billion. Under its hosted inventory and commission models, Groople generates group bookings niche by niche for hotels and plans to add air, car, cruise, bus and rail later this year.
Bad Card Credit Credit People The sale of Hertz is expected to be completed by the end of this year.
Free Credit Rating Report The sale of Hertz is not the first non-core asset to be sold by Ford. Ford sold its Kwik-Fit auto-repair business in the UK for $600 million. Since January 2002 Ford has shed $1.2 billion of its non-core assets.
Credit Rating Scale The news of Ford's sale of Hertz rent-a-car lifted its stock 2 cents to close at $9.92. While a 2-cent gain is nothing to shift gears over, Ford's stock has declined 32 percent this year.
Bad Credit Rating The no. 2auto manufacturer in the US saw its bond rating lowered to junk status this year by S&P and Moody's. The rating agencies viewed Ford's sagging SUV sales and inability to compete in Asia as strong consideration for their decision.
Credit Rating Agency Ford's focus on its core business and sale of Hertz may help alleviate its sagging bond rating over time. Ford's inability to use bond financing to its advantage has hurt the auto manufacturer while competitors like Toyota Motor Co. (NYSE: TM) have been able to increase their market share in the US.
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