Latest News on Sprint, Fifth Third Bancorp and Ford
The latest news for Sprint’s credit, Fifth Third Bancorp’s dividend and Ford’s credit target.
Fitch Ratings downgraded Sprint Nextel Corp. (NYSE:S) Tuesday to reflect an increased credit risk related to its planned network modernization project. The ratings agency lowered Sprint's issuer default rating, its senior unsecured credit facility and its senior unsecured notes to "BB-" from "BB." The ratings outlook is negative. Sprint, the nation's third-largest wireless carrier, said last week it will start phasing out the Nextel part of its network in 2013. – AP
Fifth Third Bancorp (NASDAQ:FITBP) announced that on December 14, 2010, the board of directors declared a quarterly cash dividend on its 8.50% Non-Cumulative Perpetual Convertible Preferred Stock, Series G, at the rate of $531.25 per share, which equates to approximately $2.125 for each depositary share. Each depositary share represents a 1/250th ownership interest in a share of Series G Preferred Stock. The Series G dividend is payable on Friday, December 31, 2010 to shareholders of record as of Friday, December 24, 2010. - PRNewswire
Ford Motor Co (NYSE:F) could reach its target of an investment grade credit rating more quickly than some outside observers might have thought, Executive Chairman Bill Ford said on Tuesday. The automaker, which expects a solid profit in 2010 and also to build on that profit in 2011, this year has sharply cut a heavy debt load it built to support a restructuring that has included a focus on its car lineup. Ford said executives realized from the start it was important once the company had regained its footing to reach investment grade metrics and rebuild its balance sheet. - Reuters