Ford 2010 Annual Report Download - page 58

Download and view the complete annual report

Please find page 58 of the 2010 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.

Page out of 184

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184

Management’s Discussion and Analysis of Financial Condition and Results of Operations
56 Ford Motor Company | 2010 Annual Report
The following ratings actions have been taken by these NRSROs since the filing of our Quarterly Report on
Form 10-Q for the quarter ended September 30, 2010:
Ford On January 28, 2011, Moody's affirmed Ford Motor Company's ratings and changed the rating
outlook to positive from stable.
On January 28, 2011, Fitch upgraded Ford's corporate rating to BB from BB-, the senior secured
rating to BBB- from BB+, and the senior unsecured rating to BB- from B. Fitch also changed the
outlook to positive from stable.
On February 1, 2011, S&P upgraded Ford's corporate credit rating to BB- from B+, the senior
secured debt rating to BB+ from BB and the senior unsecured debt rating to B+ from B. The outlook
remains positive.
Ford Credit On January 28, 2011, Moody's affirmed Ford Credit's ratings and changed the rating outlook to
positive from stable.
On January 28, 2011, Fitch upgraded Ford Credit's corporate rating to BB from BB-. Fitch also
affirmed the senior unsecured rating at BB- and the short-term rating at B. Fitch changed the
outlook to positive from stable.
On February 1, 2011, S&P upgraded Ford Credit's corporate credit rating to BB- from B+ and its
senior unsecured debt rating to BB- from B+. The outlook remains positive.
The following chart summarizes certain of the credit ratings and the outlook presently assigned to Ford and Ford
Credit by these four NRSROs:
NRSRO RATINGS
Ford Ford Credit
Issuer Default/
Corporate/
Issuer Rating
Long-Term
Senior
Unsecured
Senior
Secured
Outlook /
Trend
Long-Term
Senior
Unsecured
Short-Term
Unsecured
Outlook /
Trend
DBRS BB (low) B BB (high) Stable BB R-4 Stable
Fitch BB BB- BBB- Positive BB- B Positive
Moody's Ba2 Ba3 Baa3 Positive Ba2 NP Positive
S&P BB- B+ BB+ Positive BB- * NR Positive
__________
* S&P assigns FCE a long-term senior unsecured rating of BB, maintaining a one notch differential versus Ford Credit.