A Prized Logo Is Returned to Ford DETROIT - The blue oval is back home. The Ford Motor Company received a second investment-grade rating on Tuesday, allowing the automaker to reclaim assets - including the iconic logo - that it pledged as collateral in a lifesaving loan package in 2006. Moody's Investors Service upgraded Ford because of what it described as its strong position in North America and overall financial health. Fitch Ratings made a similar upgrade last month. Ford put up its logo, headquarters, factories and other assets to qualify for $23.5 billion in loans that helped it survive the recession without needing a government bailout like General Motors and Chrysler. Under the terms of the loan package, Ford had to earn investment-grade ratings from two ratings agencies to get its assets back. The ratings will help lower Ford's borrowing costs in the future. The more profound impact, however, will be felt on morale at Ford, the nation's second-biggest auto company. The company never lost the right to use the insignia on its cars and trucks. But its formal return to the company signals an important milestone in Ford's turnaround. Getting the blue oval back was both a relief and a validation of the comeback, Ford's chairman, William C. Ford Jr., said Tuesday. "We weren't just pledging our assets," Mr. Ford said in a conference call with reporters. We were pledging our heritage. Ford was viewed as the shakiest of the Detroit automakers when it made its big borrowing in the fall of 2006, soon after Mr. Ford wooed Alan R. Mulally from the aviation industry to become the company's chief executive. Under Mr. Mulally's guidance, the company sold brands, streamlined operations and forced its international divisions to work more closely on new models with North American personnel. The result has been steady improvement in sales, product quality and profitability. Ford last month reported first-quarter net income of $1.4 billion and its 11th consecutive quarterly operating profit. Mr. Mulally called the ratings upgrade a significant event and proof that the company's "One Ford" strategy was working. But he gave no indication that the event would affect his retirement plans. "It does not change any of my plans to continue to serve this great corporation," said Mr. Mulally, who is 66. Ford has paid back about $21 billion of the money it borrowed in 2006. It still has $13.7 billion in debt related to auto operations that it plans to reduce to $10 billion by mid-decade. Moody's said its decision to upgrade Ford was primarily because of the reduction in its critical break-even level in North America. In 2009, Ford needed to ship 3.4 million vehicles to break even, the agency said. That figure is now 1.8 million. "This sound North American business model is further supported by a product portfolio that is increasingly competitive with that of Asian automakers," Moody's said in a statement. The ratings agency pointed out that Ford still faced challenges from its exposure to the depressed European auto market and expansion of operations in Asia, particularly China, where it trails rivals like General Motors, Volkswagen and Toyota.