UPDATE 2-S&P cuts Ford, Ford Credit deeper into junk status

Newswire

(Recasts, adds background, Ford, analyst comment) By Dena Aubin NEW YORK, June 28 (Reuters) - Standard & Poor's on Wednesday downgraded Ford Motor Co. for the second time this year, sending its rating deeper into junk status on worries 2006 will be a more difficult year than first expected. Ford, the second-largest U.S. automaker, lost $1.2 billion in the first quarter, its biggest quarterly loss in over four years as it took $2.5 billion in charges for job cuts and plant closings. ...

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