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Research Update: Visteon Corp. Apr 03

On April 15, 2003, Standard & Poor's Ratings Services placed its 'BBB' corporate credit rating on Visteon Corp. on CreditWatch with negative implications reflecting concerns about the company's large underfunded employee benefit obligations. Dearborn, Mich.-based Visteon had total debt of about $1.8 billion, including capitalized operating leases, and total underfunded pension and retiree medical liabilities of $4.2 billion as of Dec. 31, 2002. Poor asset returns and lower interest rates increased Visteon's underfunded pension obligation to $704 million at year-end 2002 from about $327 million at year-end 2001. Visteon's retiree medical liabilities increased to $3.5 billion from $2.7 billion. In addition, Visteon is responsible for reimbursing it former parent, Ford Motor Co. (BBB/Negative/A-2), for pension liabilities related to Visteon-assigned Ford...

Companies mentioned in this report are: Visteon Corp.,Ford Motor Co.
Action: Review

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Companies Mentioned
Visteon Corp.,Ford Motor Co.
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