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An upgrade of Ford Motor Co.’s credit rating to investment grade pulled $46.8 billion of debt out of junk bond indexes last month — helping to shrink a global benchmark of the asset class by the most since 2005.

The US automaker this week clinched a blue-chip grade from S&P Global Ratings, with the upgrade signaling a shift in corporate priorities as companies shore up their finances in the face of a potential recession. To some on Wall Street, it’s just the beginning.

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