Ford upgrade triggers ABS-to-corporate debt conversion

Newswire

By Adam Tempkin NEW YORK, May 25 (IFR) - Ford is making history by launching the process to switch the capital market's first ABS-to-high-grade convertible bond to corporate debt from securitized form. The conversion of the deal, issued in 2011, was triggered this week by Moody's upgrade of Ford's corporate rating to investment-grade. The move followed a similar recent upgrade by Fitch. The mandatory exchange for holders of Ford's US$2.5bn in "FUEL" auto ABS notes into straight debt is ...

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