The Wall Street Journal writes, "A Key Borrowing Spigot Opens for Ford." The piece says, "A handful of investors recently began extending short-​term loans to an affiliate of Ford Motor Co. after more than a decade-​long hiatus, opening a key borrowing spigot for the blue-​chip auto maker, which was locked out of money markets in the last recession. In recent months, a money-​market fund of Federated Investors has been buying a kind of short-​term IOU called "​commercial paper” from Ford Motor Credit Co. LLC. The Federated Capital Reserves Fund now holds about $​148 million of debt, according to fund tracker Crane Data. Ford Motor Credit has made a comeback since being struck off Federated'​s eligible investments list in 2003, when the vehicle-​financing company showed signs of struggling and was later downgraded to below-​investment grade. It has since been upgraded to investment grade." The piece adds, "The Federated holding, while small, is notable because it signals a potential thaw in relations between money funds and auto companies that could later benefit others, including General Motors Co. and Fiat Chrysler Automobiles NV. GM and Chrysler Group LLC filed for bankruptcy in 2009."

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