Ford shares were down 1.25 percent to $9.84 in early trading on Wall Street this morning after Moody’s downgraded the auto firm’s investment rating on questions about its planned overhaul.
Ford’s rating is now Baa3, or one step above junk bond status.
Moody’s had questions about Ford’s overseas operations, as well as the “challenges” it will face in overhauling the company.
In response, Ford said it has delivered year after year of solid financial results and operating cash flows plus a strong balance sheet.
The company said it will capitalize on its strengths and bolster underperforming products and regions and as it does, the market will recognize that progress, according to the Detroit Free Press.
Hyundai has signed up to become the “presenting sponsor” of NBC’s Sunday Night Football pre-game show. It is the auto maker’s fourth season as an official NFL sponsor.
Ahead of the holiday driving frenzy gas prices have remained steady according to AAA. The average nationwide price for unleaded regular is now $2.84 a gallon. While that is roughly where it has been for some time, AAA said that is also the highest point for the Labor Day weekend since 2014.
The auto club predicts the average price will drop to $2.70 this fall and has the potential to fall even further.
It believes prices will fall after the upcoming holiday weekend but things could change if there is a spike in crude oil prices, geopolitical tensions intensify or there is “the mere threat of a hurricane.”
Currently, the National Hurricane Center map of the North Atlantic displays a rather quiet ocean.