In an effort to raise capital to help finance a turnaround of its North American operations, Ford Motor Company will be taking on another $18 billion of debt, $15 billion of which will be secured by core automotive assets. Ford will be pledging nearly all of the company's North American automotive assets as collateral, marking the first time in its 103-year history that such a move has been made and underscoring the severity and seriousness of the problems Ford is facing. The announcement of the move caused the three main credit rating agencies to slash Ford's existing debt further into junk, or non-investment grade, status.
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