On Oct. 9, 2008, Standard&Poor's Ratings Services placed its 'B-' long-term corporate credit and other ratings on U.S. automaker Ford Motor Co. on CreditWatch with negative implications. The CreditWatch placement reflects the rapidly weakening state of most global automotive markets along with capital market conditions that will remain a major challenge for the foreseeable future. Included in the CreditWatch placement is Ford's finance unit, Ford Motor Credit Co. (B-/Watch Neg/--). We believe Ford has adequate liquidity for at least the rest of 2008 as measured by cash balances, and available bank facilities, but the accelerating deteriorating industry fundamentals will be a serious challenge to liquidity during 2009. Ratings Affirmed; CreditWatch/Outlook Action To From Ford Motor Co. Corporate Credit
