Junk ratings make Ford Credit debt exchange costly


By Dena Aubin NEW YORK, May 26 (Reuters) - Junk ratings are proving costly to Ford Motor Credit Co. as the finance arm of No. 2 U.S. automaker Ford Motor Co. exchanges debt coming due over the next two and a half years. Ford Motor Credit Co. is offering yields of about 10.6 percent on $1.5 billion of new notes due in 2010 that it wants to exchange for notes coming due through January 2009. The yield is the highest paid by Ford Credit in at least a decade, according to financial data ...

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