Credit ratings agency Moody's has downgraded the bonds of Ford to junk status, citing weakness in the company's financial outlook amid a lengthy restructuring plan.
Moody's cut the American automaker by one notch to the non-investment grade B-A-1.
It said prospects for Ford's cash flow and profit margins next year and the year after are poor because of its restructuring plan, which could cost the company long-term.
Ford said in a statement that its underlying business is strong and its balance sheet is solid.
The carmaker announced in May that it will lay off about 7-thousand workers worldwide.