The Ford Motor Company is within one notch of an investment grade credit rating at two of the three major ratings agencies after Standard Poor’s Ratings Service on Friday moved the automaker two notches up on its ratings ladder. Standard Poor’s said the outlook for Ford was “stable.” This follows an upgrade of one notch by Fitch Ratings on Thursday. Fitch also rates Ford at BB+, the highest level of speculative or junk status, one notch below the lowest investment grade rating. Moody’s Investors Service has Ford rated two notches below its lowest level of investment grade. Moody’s rates Ford at Ba2 on its credit risk ladder. Ford was last at investment grade in 2005, the year before it borrowed heavily to finance its restructuring. Lewis Booth, Ford’s chief financial officer, said on Thursday that the company might reinstate a dividend before the ratings agencies certify it as investment grade.

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