Standard & Poor's Ratings Services dropped auto supplier Visteon Corp.'s credit rating deeper into junk status Wednesday following Ford Motor Co.'s announcement that it's cutting production in the second quarter.
The credit rating agency lowered its rating for Visteon to B from BB , which will make it more difficult for the supplier to borrow money.
Ford said Wednesday it is cutting its planned second-quarter production by 3.7 percent to 905,000 vehicles. The company cut first quarter production by 10 percent, Standard & Poor's said. Ford business made up 70 percent of Visteon's revenues last year.