NEW YORK (Standard&Poor's) Aug. 17, 2001--Standard&Poor's today placed its ratings on Ford Motor Co. (Ford) and its related entities, and General Motors Corp. (GM) and its related entities on CreditWatch with negative implications. Included in the CreditWatch placement are the finance units of both companies, Ford Motor Credit Co. and General Motors Acceptance Corp. (see list of ratings below). The ratings on Ford's subsidiary, Hertz Corp., remain on CreditWatch, however the CreditWatch implications were revised (see separate press release regarding Hertz). The CreditWatch placements reflect Standard&Poor's heightened concern about the long-range profit potential of these two automakers. To date this year, automotive demand in their core North American market has been far stronger than
