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S&P Credit Research1075 word report
published Nov 06, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Nov. 6, 2009--Standard&Poor's Ratings Services today said it has assigned its 'CCC' issue-level rating and '6' recovery rating to Ford Motor Co.'s $2.5 billion senior unsecured convertible notes due 2016. The '6' recovery rating indicates our expectation that lenders would receive negligible (0 to 10%) recovery in the event of a payment default. (For the complete recovery analysis, please see the recovery report on Ford, published Nov. 4, 2009, on RatingsDirect.) Underwriters of the offering have an option to increase the convertible note offering by $375 million. We expect Ford to use proceeds to improve liquidity, including paying down a portion of the $10.2 billion drawn under its secured revolving credit facility due
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| Brief Excerpt: | RESEARCH Ratings Definitions Ford Motor Co.aÇÖs $2.5 Billion Sr. Convertible Notes Rated aÇÿCCCaÇÖ (Recovery Rating '6') Publication date: 06-Nov-2009 Primary Credit Analysts: Robert Schulz, CFA, New York (1) 212-438-7808; robert_schulz@standardandpoors...
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| Report Type: | Ratings Action
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| Ticker: | F
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| Issuer: | Ford Motor Co.
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| GICS: | Automobile Manufacturers (25102010)
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| Sector: | Global Issuers, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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