DETROIT (AP) -- Shares of Ford Motor Co. surged to a five-year high Wednesday after a ratings agency upgraded the automaker's debt and said Ford has the potential to improve its finances even further.
The Dearborn, Mich., automaker's stock hit $14.15 per share in afternoon trading, a 4.9 percent surge to levels not seen since January 2005. It closed at $14.10, up 61 cents, or 4.5 percent.
Moody's Investors Service raised its ratings on Ford's debt Wednesday, as well as the debt of Ford Motor Credit Co., which makes loans to dealers and customers.
Still, Ford shares were already on the rise as the resurgent automaker benefits from increased quality rankings and the fact that it didn't take government aid like crosstown rivals General Motors Co. and Chrysler Group LLC.
