from a corp trader & confirmed that CP is suspended we are hearing Ford has suspended its CP program, which is exactly what they did before they were down graded to junk by S&P. right now FMCR is rated A3(-) by Moodys and F is Baa1(-) by Moodys. (Fitch rates both BBB+). All of these ratings are ripe for downgrade. a Moody's or Fitch downgrade to junk will be a problem. But from A3 or BBB+ to junk is a huge (embarassing) drop. A downgrade to Baa2 or Baa3 I think will not move spreads (bonds are already trading there) This happened about 30 minutes later. 11:56 *MOODY'S LOWERS RATINGS OF FORD, FORD CREDIT, AND HERTZ 11:56 MOODY'S LOWERS RATINGS OF FORD, FORD CREDIT, AND HERTZ