Ford Motor Co.’s CEO Jim Hackett has been dealt a major blow by Moody’s Investors Service, which cut the automaker’s credit rating to junk over doubt his plans to fix the company will soon generate earnings and cash.

Moody’s downgraded Ford to the highest non-investment grade rating, Ba1, saying the automaker’s cash flow and profit margins are below expectations and likely to remain weak over the next two years. The descent to junk status affects one of the 15 biggest corporate bond issuers in the U.S. outside the financial sector.

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Ford Credit Rating Downgraded To Junk Over Doubts Of Recovery Plan

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