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BULLETIN: Ford Motor Co.'s Ratings Unaffected by Accord With Visteon Corp. Dec 03
Standard & Poors, Dec 2003
Abstract
NEW YORK (Standard & Poor's) Dec. 22, 2003--Today's announcement by Ford Motor Co. (Ford; BBB-/Stable/A-3) and Visteon Corp. (BB+/Stable/--) of significant modifications to agreements governing the relationship between the two companies will not have any immediate effect on the ratings or rating outlook of Ford, even though Standard & Poor's Ratings Services views the changes announced today as adverse to Ford's credit quality. Ford's ratings had been lowered on Nov.12, 2003, and the measures announced today are consistent with the assumptions incorporated in that action. Ford will effectively re-assume from Visteon $1.65 billion of retiree medical liabilities for which Ford had previously been only contingently liable. This will add to Ford's massive unfunded retiree medical liability ($27.4 billion at yearend...
Companies mentioned in this report are: Ford Motor Co.,Visteon Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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