NEW YORK, Nov 17 (Reuters) - Ford Motor Co.'s finance arm on Monday sold $1 billion of 10-year notes, joint lead manager J.P. Morgan said, attracting strong demand after winning a stable outlook on its ratings last week.
The issue from Ford Motor Credit Co. is a reopening of $2 billion of 7 percent notes due 2013 sold in September. The new notes were priced to yield 2.57 percentage points more than Treasuries, compared with a spread of 2.80 percentage points on the original issue. Yield spreads of 2.57 to 2.60 percentage points more than Treasuries were expected on the new issue.
Ford Motor Credit's debt is rated "BBB-minus" by Standard & Poor's, with a stable outlook. Moody's Investors Service rates it "A3" with a negative outlook, while Fitch Ratings rates it "BBB-plus" with a negative outlook. Citigroup also managed the sale. (Additional reporting by Caryn Trokie)