Google Groups no longer supports new Usenet posts or subscriptions. Historical content remains viewable.
Dismiss
Blue Oval no longer in hock as Ford credit rating upgraded
Skip to first unread message
MummyChunk
May 23, 2012, 12:50:05 AM5/23/12
to
From ENG
Statement on Ford Investment Grade Rating by Moody's Investors
Service
DEARBORN, Mich., May 22, 2012 The following statement can be
attributed to Bill Ford, executive chairman, Ford Motor Company:
"The Ford Blue Oval is back where it belongs with the Ford family
of 166,000 employees around the world. This is a great day for us and
is the result of several years of hard work and progress by everyone
associated with Ford.
"When we pledged the Ford Blue Oval as part of the loan package,
we were not just pledging an asset. We pledged our heritage. The Ford
Blue Oval is one of the most recognized symbols in the world, and it
is a source of great pride and passion, both inside and outside our
company. Getting the Ford Blue Oval back feels amazing, and it is one
of the best days that I can remember."
The following statement can be attributed to Alan Mulally, president
and chief executive officer, Ford Motor Company:
"We are so proud of today's decision by Moody's and the resulting
release of all collateral particularly the Ford Blue Oval. This is
an important milestone and further proof that, by staying
laser-focused on our One Ford plan, the Ford team can deliver great
products, build a strong business and contribute to a better world
even through the most challenging external environment.
"Moving forward, we will continue to focus on driving profitable
growth for all of our stakeholders. We are confident that, by staying
focused on our plan and working together, we will maintain strong
investment grade ratings through all economic cycles."
Background
December 2006: Raised $23.5 billion in liquidity, consisting of $18.5
billion of senior secured debt and credit facilities, secured by
substantially all of our domestic assets, including the Ford Blue
Oval, F-150 and Mustang trademarks, and $5 billion of unsecured
convertible debt.
November 2007: Together with the UAW, Ford negotiated a
transformational labor agreement, with a lower wage structure for new
employees and flexible work rules
March 2009: Reached ground breaking UAW agreement that helped the
company achieve parity with transplant automakers, resulting in
incremental annual savings and efficiencies
October 2009: Reported first quarterly pre-tax operating profit since
Q1 2008
Year-end 2009: Achieved a full-year operating profit and net income of
$2.7 billion an improvement of $17.5 billion from the losses of
2008
Year-end 2011: Reported third year in a row of improved annual
operating profits and reduced debt by more than $20 billion compared
with year-end 2009
September 2011: Completely paid back the loan
March 2012: First dividend payment in almost six years
Statement on Ford Investment Grade Rating by Moody's Investors
Service
DEARBORN, Mich., May 22, 2012 The following statement can be
attributed to Bill Ford, executive chairman, Ford Motor Company:
"The Ford Blue Oval is back where it belongs with the Ford family
of 166,000 employees around the world. This is a great day for us and
is the result of several years of hard work and progress by everyone
associated with Ford.
"When we pledged the Ford Blue Oval as part of the loan package,
we were not just pledging an asset. We pledged our heritage. The Ford
Blue Oval is one of the most recognized symbols in the world, and it
is a source of great pride and passion, both inside and outside our
company. Getting the Ford Blue Oval back feels amazing, and it is one
of the best days that I can remember."
The following statement can be attributed to Alan Mulally, president
and chief executive officer, Ford Motor Company:
"We are so proud of today's decision by Moody's and the resulting
release of all collateral particularly the Ford Blue Oval. This is
an important milestone and further proof that, by staying
laser-focused on our One Ford plan, the Ford team can deliver great
products, build a strong business and contribute to a better world
even through the most challenging external environment.
"Moving forward, we will continue to focus on driving profitable
growth for all of our stakeholders. We are confident that, by staying
focused on our plan and working together, we will maintain strong
investment grade ratings through all economic cycles."
Background
December 2006: Raised $23.5 billion in liquidity, consisting of $18.5
billion of senior secured debt and credit facilities, secured by
substantially all of our domestic assets, including the Ford Blue
Oval, F-150 and Mustang trademarks, and $5 billion of unsecured
convertible debt.
November 2007: Together with the UAW, Ford negotiated a
transformational labor agreement, with a lower wage structure for new
employees and flexible work rules
March 2009: Reached ground breaking UAW agreement that helped the
company achieve parity with transplant automakers, resulting in
incremental annual savings and efficiencies
October 2009: Reported first quarterly pre-tax operating profit since
Q1 2008
Year-end 2009: Achieved a full-year operating profit and net income of
$2.7 billion an improvement of $17.5 billion from the losses of
2008
Year-end 2011: Reported third year in a row of improved annual
operating profits and reduced debt by more than $20 billion compared
with year-end 2009
September 2011: Completely paid back the loan
March 2012: First dividend payment in almost six years
0 new messages