Ford 2006 Annual Report Download - page 34
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Please find page 34 of the 2006 Ford annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Management’s Discussion and Analysis of Financial Condition and Results of Operations
32
The following ratings actions were taken in the fourth quarter 2006:
Ford
x DBRS: In November 2006, DBRS assigned Ford an issuer rating of B (low), lowered Ford's long-term senior
unsecured rating to CCC (high) from B, rated Ford's senior secured credit facilities at B (high), and maintained the
trend at Negative.
x Fitch: In November 2006, Fitch lowered Ford's long-term senior unsecured rating to B from B+, rated Ford's senior
secured credit facilities at BB and maintained the outlook at Negative. In December 2006, Fitch lowered Ford's long-
term senior unsecured rating to B- from B and maintained the outlook at Negative. Ford's issuer default rating of B
was unaffected.
x Moody's: In November 2006, Moody's affirmed Ford's corporate rating at B3, lowered Ford's long-term senior
unsecured rating to Caa1 from B3, rated Ford's senior secured credit facilities at Ba3, and maintained the outlook at
Negative.
x S&P: In November 2006, S&P affirmed Ford's issuer credit rating at B, lowered Ford's long-term senior unsecured
rating to CCC+ from B, rated Ford's senior secured credit facilities at B, and maintained the outlook at Negative.
Ford Credit
x DBRS: In November 2006, DBRS lowered Ford Credit's long-term senior unsecured rating to B from B (high),
maintained the short-term rating at R-4, and maintained the trend at Negative.
x S&P, Moody's and Fitch: No ratings actions taken in the fourth quarter of 2006.
The following summarizes certain of the credit ratings and the outlook presently assigned to Ford and Ford Credit by
these four NRSROs:
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* S&P rates FCE long-term senior unsecured rating as B+, maintaining a one notch differential versus Ford Credit.
OUTLOOK
Our current projection of first quarter 2007 production for certain segments is as follows (in thousands):
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We have set and communicated the following 2007 planning assumptions and operational metrics:
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