Fitch Ratings today upgraded Ford and Ford Credit to investment-grade status by increasing its rating from BB+ to BBB-, reflecting growing confidence in the car-makers financial health.

The move follows Standard & Poor’s upgrading of Ford Credit Europe to investment grade last autumn, a rating that left the UK-based captive one notch above Ford itself which still has the ‘junk status’ of BB+.

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Margaret Mellott, Ford Credit’s spokewoman based in Detroit said: “It’s certainly an important and positive step and we are very pleased with this recognition of Ford’s progress.

“We expect the upgrade to bring down our overall borrowing costs over time.”