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Old 05-05-2005, 01:52 PM   #1
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Ford Responds to Standard & Poor's Credit Rating Downgrade

Let's hope Ford only intends to further cut costs in salaries, labor & production capacity, rather than materials...

Ford Responds to Standard & Poor's Credit Rating Downgrade

DEARBORN, Mich., May 5, 2005 -- The following statement is attributable to Don Leclair, Ford Motor Company's executive vice president and chief financial officer, in response to today's announcement by Standard & Poor's to change its credit ratings for the Company and its Ford Motor Credit unit to the non-investment grade rating of BB+ with a negative outlook.

We disagree with S&P's action today. We're disappointed that it discounts our considerable liquidity and our access to diverse funding sources, as well as the recent successes of our new products.

As a company, we clearly see the competitive realities and challenges we face, and are committed to addressing them through the acceleration of our business plans, which will include continued cost-cutting, as well as essential investments in our future. While today's development presents a challenge, it doesn't shake our confidence in our future or our determination to achieve continued success as a global auto maker.


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Old 05-05-2005, 01:56 PM   #2
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Let's hope Ford only intends to further cut costs in salaries, labor & production capacity, rather than materials...
Yeah, because then the whole city I live in won't be horribly screwed when they cut salaries and production. </sarcasm
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Old 05-05-2005, 02:07 PM   #3
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I'm only pissed because I bought 750 shares of visteon this morning at $4 - right before this ratings cut... DAMMIT its down 40 cents right now. Oh well, its undervalued at four so I'll be okay when they announce the Ford/Visteon deal.
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Old 05-05-2005, 02:09 PM   #4
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All they really need to cut is the 15 layers of management down to three and start building cars and trucks that don't put people to sleep. There's the roadmap to profitability.
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Old 05-05-2005, 02:13 PM   #5
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15 down to 3, yeah right! We could only hope to be that lucky.

Whatever, S&P is full of *****. Ford is still going to make $3 billion this year. Apparently that is junk.
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Old 05-05-2005, 02:15 PM   #6
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Originally posted by owenwarner
Yeah, because then the whole city I live in won't be horribly screwed when they cut salaries and production. </sarcasm
Market adjustments are a bitch. GM is going to have to go through the same thing. If the products are not selling, you either have to increase sales or reduce production capacity.
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Old 05-05-2005, 02:17 PM   #7
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Originally posted by bwojdyla
All they really need to cut is the 15 layers of management down to three and start building cars and trucks that don't put people to sleep. There's the roadmap to profitability.
Yep - Exactly!
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Old 05-05-2005, 03:22 PM   #8
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True you do need to cut management, not production. I thought you were inferring that they should layoff more hourlys.
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Old 05-05-2005, 03:32 PM   #9
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I remember the modicum of "if your not growing, youre dying". I think if they would stop trying to make luxury vehicles out of trucks and start making quality Sport, Utility, and Daily driven vehicles with quality materials they would have a chance to make a solid rating for themselves which would never be touched by the S&P.
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Old 05-05-2005, 04:01 PM   #10
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All car companies need to realize that the gas crunch is changing the buying habits of American's. Unfortunatly most of Ford's $$ is in Trucks and SUV's. I'm sure if the purchasing of these vehicle continue to decline (as they have been) Ford will adjust their attention to what the ppl are buying. The day's of 10mpg SUV's are numbered.
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