Press Release: Ford Motor Company Aug 20, 2001

Press Release: Ford Motor Company 				Aug 20,
2001
Confirms at R-1 (low)
Kam Hon, David Schroeder / (416) 593-5577 ext.243, ext.232 / e-mail:
khon@dbrs.com

The commercial paper rating of Ford Motor Company ("Ford" or "the
Company") is confirmed at R-1 (low) with a Stable trend. 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
has 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
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. 
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