S&P Global Ratings late Wednesday downgraded Ford Motor Co. F, +8.89% debt to junk, saying the auto maker’s credit metrics and “competitive position” were already borderline for an investment-grade rating before the coronavirus outbreak, “and the expected downturn in light-vehicle demand made it unlikely that Ford would maintain the required metrics.” Ford’s debt was downgraded to BB+ from BBB-. The outlook was negative, which reflects the 50% chance that S&P could lower the rating on Ford “on account of longer-than-expected plant shutdowns or a potential economic recession leading to negative cash flow generation, eroding liquidity, and higher debt leverage,” the ratings agency said. Shares of Ford fell 3.5% in the extended session Wednesday after ending the regular trading day up 9%.