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
# # #
About Ford Motor Company
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 166,000 employees and about 70 plants worldwide, the company’s automotive brands include Ford and Lincoln. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford’s products, please visit www.ford.com.
SHARE THIS: