Ford may be preparing to sell or go public with its Hertz rental-car agency, according to a report in theNew York Post. The paper says Ford has filed the paperwork necessary for an initial public offering of the company, and that JPMorgan Chase, Goldman Sachs Group and Citigroup have been chosen as the underwriters of the offering. The company may also be studying offers to purchase the rental unit directly, the Post adds. Either effort could peg a value on Hertz of $3.5 to $4 billion, an amount that would be welcomed by Ford's accountants. The second-largest U.S. automaker recently saw its credit rating demoted by S&P to junk status and by Moody's, to one level above junk.

Source: TCC