Ford Credit `A+' Debt Ratings

    CHICAGO--April 18, 2001--Fitch has affirmed the debt ratings of Ford Motor Company (Ford) and its automotive financing subsidiary, Ford Motor Credit Company (Ford Credit), and assigned ratings for a number of foreign subsidiaries.
    In total, approximately $159 billion of debt and preferred securities are affected by this action. The Rating Outlook is Stable.
    The ratings reflect the strength and good breadth of Ford's product portfolio in North America, particularly in pick-up trucks and sport-utility vehicles, and Ford's solid financial condition. While European results have weakened and losses in South America have continued for some time, Fitch expects international automotive results to improve in 2001 and 2002 due to cost and product initiatives in Europe and the introduction of new products from the new plant in Bahia, Brazil. Also, Ford Credit's increasing earnings and overseas growth, along with its sound asset quality and appropriate capitalization, support the ratings.
    Although the slowing U.S. economy has caused Ford to cutback production in early 2001 to adjust inventory levels, full year automotive net operating cash flow (net of capital spending and dividends) should be meaningfully positive if U.S. demand is approximately 16 million units as conservatively expected. Overall automotive cash flow for 2001 will likely be negative, as Ford has more than $2 billion of acquisition payments scheduled and is expected to complete nearly $4 billion of authorized share repurchases. Ford started 2001 with $16.5 billion in automotive cash and $3.7 billion in VEBA trusts.
    Fitch believes Ford will end 2001 still having $14-17 billion of total cash reserves, a level consistent with the roughly $15 billion that Fitch previously anticipated Ford would keep at the U.S. sales peak as cyclical protection.

    The ratings are as follows:

	   Ford Motor Company 

        --  Notes and debentures `A+';

        --  Preferred stock `A'.

	   Ford Motor Co. Capital Trust I

        --  Preferred securities `A'.

	   Ford Motor Credit Company

        --  Commercial paper `F1';

        --  Notes and debentures `A+';

        --  Subordinated notes `A'.

	   FCE Bank plc (England) 

        --  Commercial paper `F1';

        --  Notes and debentures `A+'.

	   Ford Capital B.V. (The Netherlands)

        --  Notes and debentures `A+'.

	   Ford Credit Canada Ltd.

        --  Commercial paper `F1';

        --  Unsecured notes `A+'.

	   Ford Holdings Inc. (USA)

        --  Unsecured notes `A+'.

	   Ford Motor Co. of Australia

        --  Unsecured notes `A+'.

	   Ford Credit Australia Ltd.

        --  Commercial paper `F1';

        --  Unsecured notes `A+'.

	   Primus Financial Services (Japan) 

        --  Commercial paper `F1';

        --  Medium-term notes `A+'.

	   Ford Motor Co. S.A. de C.V. (Mexico)

        --  Commercial paper `F1';

        --  Unsecured notes `A+'.

	   Ford Motor Credit Co. of New Zealand Ltd.

        --  Commercial paper `F1';

        --  Unsecured notes `A+'.

	   Ford Motor Credit Co. of Puerto Rico Inc.

        --  Commercial paper `F1'.

	   Ford Motor Co. Equipment Trust 1991-F

        --  Guaranteed notes `A+'.

	   Ford Motor Co. Equipment Trust 1991-H

        --  Guaranteed notes `A+'.