Research Update: Ford Motor Co. And Ford Motor Credit Co. LLC Issuer Credit Ratings Raised To 'BBB-'; Outlooks Revised To Stable Sep 13
- Language: English
- Published: September 2013
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
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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.
Ford Motor Co.,Visteon Corp.