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The credit rating for automaker Ford has been lifted to within one level of investment grade.
Standard & Poor's Ratings Services raised Ford two levels to double-B-plus
The agency said strong performance in North America has helped Ford generate global profits in the past two years.
The improved rating will make it cheaper for the automaker to borrow after it secured a new contract with its unionized workforce.
The new four-year contract with the United Auto Workers "will allow for continued profitability and cash generation in North America," it said.
The United Auto Workers union, which represents 41,000 Ford employees, approved the contract Wednesday.
It includes signing bonuses but no annual pay increases. It will let Ford hire more workers at lower wages.
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