NY -- Standard&Poor's CreditWire 10/12/95 -- Standard&Poor's affirms its single-`A'-plus senior debt rating of Associates First Capital Corp. and of its primary operating subsidiary, Associates Corp. of North America (double-`A'-minus senior debt, single-`A'-plus subordinated, and `A-1'-plus commercial paper). The affirmation follows the announcement by Ford Motor Co. to divest a portion of its interest in these companies in an initial public offering. About $27 billion in debt is affected. The affirmation recognizes strong operating trends within the core businesses of the associates, along with sufficient reserves against potential future credit losses. Leverage, though aggressive for the rating level, is mitigated by the quality of the company's receivables and portfolio controls. Historically, asset growth from internally generated
