Roughly six years after Ford Motor Co. returned to investment grade and reclaimed its mortgaged Blue Oval, the automaker is once again in danger of plunging into junk bond status.

Moody's Investors Service on Wednesday downgraded Ford to Baa3 from Baa2, a move the credit agency telegraphed earlier this year when it changed its rating outlook on Ford to "negative" from "stable." The agency cited "erosion in the company's global business position and the challenges it will face implementing its Fitness Redesign program."

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Where Did They Go Wrong? Moody's Dowgrades Ford To Just Above Junk Bond Status

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