DEARBORN, Mich. (WXYZ) - Ford is celebrating the return of the Blue Oval after the company's credit rating was upgraded by Moody's Investors Service.
In raising Ford's credit rating, Moody's cited the "strength of the company's position in North America," its liquidity and Moody's "expectation that the company will continue to embrace sound operating and financial disciplines."
Ford issued statements from Executive Chairman Bill Ford and President and Chief Executive Officer Alan Mulally in response to the upgrade.
Ford said:
The Ford Blue Oval is back where it belongs with the Ford family of 166,000 employees around the world. This is a great day for us and is the result of several years of hard work and progress by everyone associated with Ford. When we pledged the Ford Blue Oval as part of the loan package, we were not just pledging an asset. We pledged our heritage. The Ford Blue Oval is one of the most recognized symbols in the world, and it is a source of great pride and passion, both inside and outside our company. Getting the Ford Blue Oval back feels amazing, and it is one of the best days that I can remember.
Mulally said:
We are so proud of today’s decision by Moody’s and the resulting release of all collateral – particularly the Ford Blue Oval. This is an important milestone and further proof that, by staying laser-focused on our One Ford plan, the Ford team can deliver great products, build a strong business and contribute to a better world even through the most challenging external environment. Moving forward, we will continue to focus on driving profitable growth for all of our stakeholders. We are confident that, by staying focused on our plan and working together, we will maintain strong investment grade ratings through all economic cycles.
Beginning in December 2006 Ford raised almost $24 billion in liquidity by putting up the company's assets as collateral. That collateral included many of the company's trademarks, including the iconic Blue Oval.
