Moody's downgrade Ford debt
New York: Moody's Investors Service has cut Ford Motor Co.'s long-term debt rating to its lowest investment grade level - one notch above junk status.

Speculation about a possible downgrade began after Ford suspended its commercial paper program, a move it also made last week just before Standard & Poor's Corp. cut its ratings on the company's debt to junk status.

Moody's said the downgrade "recognizes that the company will fall significantly short of the benchmarks identified by Moody's during October 2004" for its financial performance.

Moody's long-term debt rating has now been moved to Baa3 from Baa1, while Ford Motor Credit Corp.'s ratings were lowered to Baa2 from A3.
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