Ford and General Motors' new union contracts may qualify them for higher credit ratings.
Moody's Investors Service said Wednesday it's reviewing its ratings for Ford .
The Dearborn, Mich., auto maker reached a deal on Tuesday with the United Auto Workers for a new four-year contract.
The automaker's ratings under review include "Ba2" for corporate family and probability of default, and "Ba3" for senior unsecured debt, both of which are so-called junk status.
They also include "Baa3" for secured bank debt, the lowest level of investment grade.
An upgrade would return Ford more squarely to investment-grade status, which the automaker has said is one of its top goals.
About $55 billion of debt would be affected.
Moody's is already reviewing Detroit-based General Motor's ratings after its workers ratified a similar contract last week.