From this morning NYTimes - a very fine article covering debt, bonds, and market (S&P) ratings. Good too is the presentation of the downgrading becoming near junk status. - Don't get me wrong: I do hope Ford can come back.

The anticipation of a downgrade in Ford's rating has weighed heavily on the bond market since Standard & Poor's put Ford on a credit watch last month. The market reacted positively to Wednesday's news, because investors were relieved that Ford was not downgraded to high yield, or junk status.