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Ford's return to investment-grade status has pulled about $67 billion out of the junk-bond market

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S&P followed Fitch in restoring Ford to investment grade this week

Ford Motor Co.’s return to the investment-grade market has removed billions of dollars from the high-yield market in a single day.

That comes after S&P Global Ratings upgraded Ford Motor Co.’s rating to BBB- late Monday, restoring it to investment grade after it was lowered into junk in 2020. Ford Credit, the company’s finance arm, was not included in the upgrade. S&P’s move coming right after weaker-than-expected quarterly earnings and uncertainty about its recent deal with the UAW surprised investors.

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