Ford to get blue oval back after 2nd debt upgrade
DETROIT - Ford Motor Co. is getting its blue oval logo back.
Moody's Investors Service raised Ford's debt ratings to investment-grade Tuesday for the first time in seven years.
The move paves the way for Ford to get back assets it used as collateral in 2006 in order to get a $23.5 billion restructuring loan, including the logo.
Ford needed two ratings agencies to upgrade it to investment grade to get its assets back. Fitch Ratings upgraded the company last month.
Moody's said the upgrade reflects Ford's strength in North America and its expectation that Ford will continue to manage its money well.
Moody's also said it believes Ford can maintain its investment grade rating even in the face of a European downturn.
A 1967 Shelby GT500 Super Snake sold for $1.3 million. Do you think classic cars were made better than modern rides?
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- Yes, the quality of cars from the 1960s and '70s is the best
- No, modern technology makes cars better today
- Maybe, it's hard to say since most Canadians get a new car every 10 years