Chief Executive Officer Alan Mulally moved closer to reclaimingFord Motor Co.'s valuable blue oval logo, headquarters building andMustang trademark yesterday, as Fitch Ratings raised theautomaker's credit rating to investment grade.
Fitch had ranked the second-largest U.S. automaker's debt asjunk since December 2005. With yesterday's upgrade, Ford now needsonly Standard & Poor's or Moody's Investors Service to followsuit to regain control of the major assets it put up as collateralto avoid the bankruptcy that engulfed other U.S.-basedautomakers.
The higher rating “is an important milestone for the company andcan have real strategic implications on the funding side,” AdamJonas, a Morgan Stanley analyst, wrote in a note.
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