UPDATE 1 - Moody's cuts Ford's debt rating to junk status


(Adds background, Ford's response) NEW YORK, Aug 24 (Reuters) - Moody's Investors Service cut Ford Motor Co.'s debt ratings to junk status on Wednesday, the second cut to junk for the automaker as it battles global competition and rising costs. Moody's also cut its ratings on Ford's finance arm but left them at investment-grade status. Most of Ford's debt is held at its finance arm, Ford Motor Credit Co. Ford and its finance arm are among the biggest debt issuers in the United States, ...

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