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Moody's boosts Ford's credit rating

Moody's Investors Service upgraded Ford Motor Co.'s debt to investment grade, culminating the automaker's six-year struggle to win back the Blue Oval and other assets mortgaged in 2006. Moody's is the second agency to upgrade Ford's debt from junk status, paving the way for the company to recover assets it mortgaged in 2006 to stave off bankruptcy. The company raised $23.5 billion in a move that allowed it to avoid government bailouts or bankruptcy when the industry collapsed in 2008.

MotoGP champ Valentino Rossi creates special Vauxhall Adam

Nine-time motorcycling Grand Prix World Champion Valentino Rossi has teamed up with Opel to create a special version of its Adam city car. The Italian two-wheel demon collaborated with famous motorcycle helmet designer Aldo Drudi to create the one-off Adam (sold by Opel’s sister company Vauxhall here in the UK) – and boy, is it bright. On Bing: see pictures of the Vauxhall Adam Find out how much a used Vauxhall Adam costs on Auto Trader The car has been created with charity in mind, and will be donated to the not-for-profit Meyer Children’s Hospital Foundation – the unique Adam will go up for auction at a fundraiser this December, with all proceeds going to the organisation.

GM and Koenigsegg agree Saab sale

By Ben Pulman Motor Industry 16 June 2009 11:00 American car giant General Motors has signed a memorandum of understanding for the purchase of Saab by an investment group led by Swedish supercar manufacturer Koenigsegg. That's the deal. Supercar maker Koenigsegg Automotive, together with a consortium of private investors, has formed Koenigsegg Group, which has reached a ‘tentative agreement’ to buy Saab from GM.