Abstract: On July 31, 2008, Standard&Poor's Ratings Services lowered its ratings on Ford Motor Co., Ford Motor Credit Co. (Ford Credit), and related entities to 'B-' from 'B,' and removed the ratings from CreditWatch, where they had been placed with negative implications on June 20, 2008. At the same time, we lowered the counterparty credit rating on FCE Bank PLC, Ford Credit's European bank, to 'B' from 'B+', maintaining the one-notch rating differential between FCE and its parent. The rating outlook on all entities for the next year is negative. We also lowered the issue-level ratings on Ford's $18.5 billion secured bank facilities and revised the recovery ratings on this debt. The issue-level ratings were lowered to 'B-', equal to

Brief Excerpt: RESEARCH Ratings Definitions Research Update: Ford, Ford Credit Downgraded, Off Watch As Cash Losses Mount In North America; Otlk Negative Publication date: 31-Jul-2008 Primary Credit Analysts: Robert Schulz, CFA, New York (1) 212-438-7808;...

Report Type: Research Update
Ticker: F
Issuer: Ford Motor Co.
GICS: Automobile Manufacturers (25102010)
Sector: Asset-Backed Commercial Paper, Asset-Backed Securities, Automotive, Capital Goods, Collateralized Debt Obligations, Corporations, Financial Institutions, Global Issuers, Structured Finance
Country: United States
Region: United States
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 S&P Credit Research
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.