BUSINESS BRIEFING / AUTOS

Ford Motor Co. bonds rose to the highest price in almost seven months a day after Standard & Poor’s raised the automaker’s credit rating to reflect the completion of a $9.9-billion debt reduction.

Ford Motor Credit Corp.’s $1.5 billion of 8% notes due in 2016 climbed 0.2 of a cent to 70.3 cents on the dollar, the highest level since Sept. 19, after previously rising as high as 72.1 cents. The securities have increased 56% since March 5.

Ford, the only U.S. automaker to forgo federal government aid, said earlier this month that it cut debt 38% through buybacks of term loans and bonds. The Dearborn, Mich. company said the reductions would cut annual interest costs by more than $500 million.

Ford shares rose 4 cents to $4.30.