NEW YORK (Standard&Poor's) Dec. 5, 2006--Standard&Poor's Ratings Services assigned its 'CCC+' rating to Ford Motor Co.'s proposed $3 billion senior unsecured convertible debt issue. The company is in the process of raising several billion dollars of financing, including the proposed convertible offering. Much of the pending financing is secured, resulting in Ford's unsecured debt being rated two notches below the credit corporate rating. Ford intends to use the proceeds from the various borrowings under the senior secured credit facilities and from the offering of the unsecured notes to fund prospective cash operating losses and restructuring plans while preserving cash and short-term VEBA trust balances near current levels of about $20 billion. For further details on Ford's
