Ford (F), GM (GM) Get Nod from S&P Following Strong Aug. Sales
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Price: $13.28 +1.68%
Overall Analyst Rating:
NEUTRAL ( Down)
Dividend Yield: 6.2%
Revenue Growth %: +16.1%
Overall Analyst Rating:
NEUTRAL ( Down)
Dividend Yield: 6.2%
Revenue Growth %: +16.1%
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Ford (NYSE: F) and General Motors (NYSE: GM) are well off of session lows Friday as Standard & Poor's Ratings Services took some positive action on the names.
For Ford, S&P raised its issuer credit rating from 'BB+' to 'BBB-', while revising its outlook from positive to stable.
On GM, S&P maintained its 'BB+' rating and took its outlook from stable to positive.
S&P also made similar moves on the financial segments of both companies.
The change comes following data earlier in the week showing strong U.S. auto sales for both last month. GM deliveries improved 14.7 percent to about 276,000 vehicles while Ford's sales rose 12 percent to 221,270 vehicles. Both Detroit-based automakers topped consensus views for the month.
Despite the moves higher, both Ford and GM are still in negative territory today.
For Ford, S&P raised its issuer credit rating from 'BB+' to 'BBB-', while revising its outlook from positive to stable.
On GM, S&P maintained its 'BB+' rating and took its outlook from stable to positive.
S&P also made similar moves on the financial segments of both companies.
The change comes following data earlier in the week showing strong U.S. auto sales for both last month. GM deliveries improved 14.7 percent to about 276,000 vehicles while Ford's sales rose 12 percent to 221,270 vehicles. Both Detroit-based automakers topped consensus views for the month.
Despite the moves higher, both Ford and GM are still in negative territory today.
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