Ford Motor Co.'s $15 Billion Senior Secured Credit Facilities Rated 'B'

NEW YORK, Nov. 30, 2006 -- Standard & Poor's Ratings Services said it assigned its 'B' bank loan rating and '2' recovery ratings to Ford Motor Co.'s proposed $15 billion senior secured credit facilities, which consist of an $8 billion revolving credit facility and a $7 billion term loan B facility.

The bank loan rating is equal to Ford's corporate credit rating. This and the '2' recovery rating indicate that lenders can expect substantial (80% to 100%) recovery of principal in the event of a payment default. (For the complete recovery analysis, please see Standard & Poor's recovery report on Ford, published on RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at http://www.ratingsdirect.com/).

Standard & Poor's Ratings Services will hold a telephone conference call on Thursday, Nov. 30, 2006, at 10:00 a.m. EST to discuss the ratings assigned to Ford Motor's secured financings (see the call-in instructions below). Speakers for the call include Robert Schulz and Gregg Lemos Stein from the Standard & Poor's corporate auto ratings team and John Sweeney from Standard & Poor's bank loan ratings team. At the conclusion of their remarks, they will be available to answer questions.

Ford intends to replace its existing $6.3 billion unsecured bilateral revolving facilities with the new $8 billion senior secured revolving credit facility. In addition to the $7 billion term loan B facility, Ford also anticipates raising $3 billion in other unsecured capital market transactions. We expect to assign ratings to these transactions once Ford announces further details.

Earlier this week, Standard & Poor's lowered its senior unsecured debt issue ratings on Ford to 'CCC+' from 'B' (see the research update dated Nov. 27, 2006). The downgrade of the unsecured debt stemmed from the pending secured credit facilities, which would significantly disadvantage the unsecured debt in the event of default.

  RATINGS LIST

  Ford Motor Co.

  Corp. credit rating B/Negative/B-3

  Rating Assigned

  $15 bil. senior secured credit facilities B (Recovery rtg: 2)

  TELECONFERENCE INFORMATION

Please note that Standard & Poor's offers all of its broadcast teleconference calls to all interested participants on a complimentary basis.

The call will begin promptly at the time indicated. Please call at least 20 minutes before the scheduled start of the call to complete the pre-call registration process.

  Thursday, Nov. 30

  Live Dial-In Numbers:

  U.S./all others: (1) 210-795-0624

  U.K.: (44) 20-7108-6390

  Conference ID#: 2704801

  Passcode: SANDP