Re Standard&Poor's Rating
Ford Motor Co
12 November 2003
FORD RESPONDS TO STANDARD & POOR'S ANNOUNCEMENT
(The following statement is attributable to Don Leclair, Ford Motor Company
group vice president and chief financial officer, as a response to today's
decision by Standard & Poor's to downgrade the company's credit ratings to
BBB-/A-3 with a stable outlook.)
We do not agree with Standard & Poor's conclusion. We do not believe it
accurately reflects the state of our business and the positive progress we have
made over the past two years. We're introducing great new products, we've
exceeded our cost cutting targets, our cash availability is outstanding and we
are on track to achieve our financial milestones for 2003.
The facts speak for themselves:
• On Oct. 16, we increased our 2003 full-year earnings guidance from continuing
operations, excluding special items, from 70 cents per share to a range of 95
cents to $1.05 per share.
• Through the first nine months of 2003, we have reduced costs by $2.7 billion
when compared with 2002 and expect our full-year cost performance will be around
$3 billion.
• Ford Motor Company has a strong range of products, and will introduce 40 new
products worldwide in the upcoming year.
• We have exceptionally strong liquidity, with $48 billion in cash and cash
equivalents.
We are in a solid position with a strong plan in place. We have every reason to
believe our financial position will continue to improve.
Ford Motor Company Chief Financial Officer, Don Leclair, and Vice President of
Finance and Treasurer, Malcolm Macdonald, today will host a conference call
regarding Standard & Poor's decision at 2 p.m. EST. The call can be accessed on
a listen-only basis by dialing 800-299-7098 (International dial-in number is
617-801-9715). The passcode for both numbers is a verbal response of 'Ford Fixed
Income.' A listen-only web cast also will be available on the Internet at
www.shareholder.ford.com. Supporting presentation material will be available
prior to the call at the same web site address. Members of the media and
investment community representatives participating by teleconference will have
an opportunity to ask questions following the presentation.
Replays of the call will be available through Nov. 19, by dialing 888-286-8010
with passcode 64747817. The international access number for the replay is 617-
801-6888 with the same passcode. Replays also are available at
http://www.shareholder.ford.com, through Nov. 19.
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund