Ford CFO says fundamental business strong - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
LinkBack Thread Tools Display Modes
post #1 of 1 (permalink) Old 10-25-02, 10:46 AM Thread Starter
Registered User
Stacy94PGT's Avatar
Join Date: Feb 2001
Location: The Hills of North Georgia,USA
Posts: 7,859
Ford CFO says fundamental business strong

Reuters / October 25, 2002

DETROIT - Ford Motor Co. CFO Allan Gilmour said on Friday that a credit rating downgrade by Standard & Poor's "does not reflect the fundamental strength of our business."

S&P cut its long-term credit ratings for Ford and its finance arm on Friday to two notches above "junk" status, saying it was concerned about the pace of the No. 2 U.S. automaker's restructuring.

In a statement, Gilmour said the restructuring plan aimed at producing $7 billion in annual pretax profits by mid-decade was on track. He said the company's earnings were running ahead of expectations, and it had sped up cost-cutting efforts.

While S&P said Ford's pension liabilities were a concern, Gilmour said the liabilities were "manageable." Ford said earlier this month that its plans were underfunded by about $6.5 billion at the end of the third quarter, but that it was not expecting any mandatory contributions before 2006.

Ford had $162 billion of debt as of Sept. 30, S&P said.

Many industry analysts had expected the downgrade.

My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....
Stacy94PGT is offline  
Sponsored Links

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News
Gear in this thread - Powered by O'Reilly Auto Parts

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode

Similar Threads
Thread Thread Starter Forum Replies Last Post
Ford family celebrates 100 years of cars Stacy94PGT Ford Worldwide News 0 06-10-03 06:46 AM
FORD TOUGH: The pressure's on for Bill Ford Jr. to finish first Stacy94PGT Ford Worldwide News 0 06-10-03 05:52 AM
'Henry had the dream' Stacy94PGT Ford Worldwide News 0 03-28-03 06:58 AM
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-03 08:17 AM
Ford Product-Led Transformation: 2003 RPO83 Trans | Driveline 0 07-22-02 07:48 AM

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

For the best viewing experience please update your browser to Google Chrome