(MENAFN) US auto giant Ford Motor Co. posted profits of USD7 billion in 2013, matching 1999's record, amid increasing demand for Explorer SUV and F-150 pickups, Arab News reported.
Despite the five-year high record, Ford's rating is still 6 percent lower than 1999's SUV boom. Standard & Poor's Ratings Services now rates Ford the same as GM, which it elevated to the lowest investment grade level.
Compared with 1999, Ford's market capitalization is larger, its dividend costs lower, and the carmaker said it will cut automotive debt to USD10 billion as soon as next year.
"They're performing very well, they'll probably get upgraded. Even when they were high yield, everyone realized they were rising stars in their debt," Ford asset-backed securities holder said.
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