Ford ( F) reclaimed an investment grade rating for its debt on Tuesday as Moody's lifted its credit rating on the car and truck maker to Baa3 from junk. The company hailed the upgrade as a "once in a lifetime event" as it allowed Ford to reclaim important assets it pledged as collateral for a $23 billion loan six years ago, including its trademark blue oval. "When we pledged the Ford Blue Oval as part of the loan package, we were not just pledging an asset," said Bill Ford, the company's executive chairman, in a statement. "We pledged our heritage. The Ford Blue Oval is one of the most recognized symbols in the world, and it is a source of great pride and passion, both inside and outside our company. Getting the Ford Blue Oval back feels amazing, and it is one of the best days that I can remember." The stock ticked up 1.4%, or 14 cents, to $10.33 in late trades on volume of more than 1 million.
Facebook ( FB) continued to be in the spotlight after Tuesday's close. The stock has seen dramatic drops in the first two sessions of the week, finished Tuesday's regular session at $31, down 9%. The Wall Street Journal is reporting that an official with the Nasdaq said the exchange would have pulled the social networking giant's IPO if it knew the full extent of its technical problems beforehand. In addition, media reports were saying that Morgan Stanley ( MS), the lead underwriter on the Facebook deal, has received a subpoena from Massachusetts authorities for its handling of material information ahead of the IPO. Morgan Stanley reportedly lowered its revenue estimates for Facebook in the days ahead of the deal but didn't disclose the change. The stock slipped another 14 cents to $30.86 after the close on volume of more than 1.2 million. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron.