Press Release: Ford Credit Canada Limited Aug 20, 2001

Press Release: Ford Credit Canada Limited 			Aug 20,
2001
Confirms at R-1 (low)

Kam Hon, David Schroeder / (416) 593-5577 ext.243, ext.232 / e-mail:
khon@dbrs.com

Rating		Trend		Rating Action		Debt Rated
R-1 (low)	Stable		Confirmed		Commercial Paper

The commercial paper rating of Ford Credit Canada Ltd., based on the
guarantor, Ford Motor Credit Company ("FMCC") is confirmed at R-1 (low)
with a Stable trend. The action is in line with the accompanying rating
action on Ford Motor Company ("Ford" or "the Company"). Ford owns 100%
of FMCC, provides support through a profit maintenance agreement and
produces the products that are by far the major source of FMCC's
financing activities. With additional consideration for the strategic
importance of the financing arm to Ford, DBRS believes that the credit
strength of FMCC should be consistent with the credit strength of Ford.
The confirmation reflects the Company's above average liquidity and
still favourable balance sheet despite weakened profitability.
Ford's market share and profitability in its core North American market
have been declining. Growing competition, particularly in the highly
profitable light trucks and SUV, the "Firestone tire recalls," and, more
recently, production and quality issues have weighed on earnings despite
a still favourable North American automobile market. Profitability is
expected to remain under pressure in the near term. Although heavy cash
usage recently on acquisitions, share repurchases and dividends has
weakened the balance sheet, the balance sheet remains favourable and
liquidity remains above average. The Company continues to have ample
liquidity to fund its operating needs including the "Firestone tire
replacement program' announced on May 23, 2001. At the end of June 30,
2001, the Automotive Group still has $6.8 billion in net cash including
VEBA. Furthermore, Ford's modest debt maturities schedule, averaging
28.5 years, further increases its financial flexibility. 
DBRS is a Toronto-based, full-service credit rating agency established
in 1976. Privately owned and operated without affiliation to any
organization, DBRS is respected for its independent, third-party
evaluations of corporate and government issues, spanning North America,
Europe and Asia. DBRS's extensive coverage of securitizations and
structured finance transactions solidifies our standing as a leading
provider of comprehensive, in-depth credit analysis.
Information contained herein is obtained by DBRS from sources believed
by it to be accurate and reliable. Due to the possibility of human or
mechanical error as well as other factors, such information is provided
"as is" without warranty of any kind and DBRS, in particular, makes no
representation or warranty, express or implied, as to the accuracy,
timeliness, completeness, merchantability or fitness for any particular
purpose of any such information. DBRS shall not be liable in contract,
tort or otherwise for: (a) any loss or damage in whole or in part caused
by, resulting from, or relating to, any error (negligent or otherwise)
or other circumstance or contingency within or outside the control of
DBRS or any of its directors, officers, employees, independent
contractors, or agents in connection with, or related to, obtaining,
collecting, compiling, analyzing, interpreting, communicating,
publishing or delivering any such information; or (b) any direct,
indirect, special, consequential, compensatory or incidental damages
whatsoever (including, without limitation, lost profits), even if DBRS
is advised in advance of the possibility of such damages, resulting from
the use of or inability to use, any such information. In addition to the
foregoing, the rights of subscribers of DBRS are governed by the terms
and conditions of the applicable Subscription Agreement. In the event of
any conflict between this document and the Subscription Agreement, the
Subscription Agreement shall govern (without limitation, a conflict
shall not include the failure of the Subscription Agreement to cover a
matter covered herein). The credit ratings, if any, constituting part of
the information contained herein are, and must be construed solely as,
statements of opinion and not statements of fact or recommendations to
purchase, sell or hold any securities.