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DCR Rates Ford Motor and Ford Motor Credit

12 July 1999

DCR Rates Ford Motor and Ford Motor Credit Company's $8.6 Billion of Global Landmark SecuritiesT 'A+'

    CHICAGO, July 9 -- Duff & Phelps Credit Rating Co. (DCR) has
assigned a rating of 'A+' (Single-A-Plus) to the $8.6 billion of Global
Landmark SecuritiesT  issued by Ford Motor Company (Ford) and Ford Motor
Credit Company (Ford Credit), Ford's financial services subsidiary.

    Pricing and tranche information follows:

    Principal Issuer   Spread  over  Issue Price Maturity
    $1.0 billion Ford Credit   17 b.p.   *  Par  July 16, 2001
    $1.8 billion Ford Credit   26 b.p.   *  Par  July 16, 2002
    $4.0 billion Ford Credit  105 b.p.   **  99.836  July 16, 2004
    $1.8 billion Ford         140 b.p.   **  99.049  July 16, 2031

    *   3-month Libor, floating
    **  Treasuries, fixed

    The global notes are unsecured obligations of the respective issuing
entity.  Proceeds will be used to repay existing debt and to fund incremental
business growth.  Ford and Ford Credit had approximately $130 billion in total
debt outstanding on March 31, 1999.
    The ratings reflect Ford's very strong financial condition and good
overall operating performance, including the continued fine performance of
Ford's core North American automotive operations.  The ratings were reaffirmed
in January 1999 when Ford announced the purchase of the passenger vehicle
business of AB Volvo for $6.5 billion in cash and assumed debt, an acquisition
that broadens Ford's luxury car line-up and enhances its presence in many
international markets.  Ford has also announced the $1.6 billion acquisition
of the Kwik-Fit service and repair chain as well as other smaller
acquisitions.
    The ratings for Ford Credit reflect the general improvement in financial
performance, due in part to greater use of risk-based pricing and higher
underwriting standards.  Credit losses are trending downward due to the more
restrictive underwriting standards and enhanced collection efforts, as well as
greater conservatism in accounting for residuals.  Loss severity, which has
adversely impacted credit losses in recent years, is improving with the
stabilization in the wholesale market for used vehicle prices.  DCR's ratings
of Ford Credit continue to reflect its close marketing and financial
relationship with Ford and the agreement by Ford to maintain specified minimum
profitability levels and ownership of Ford Credit.
    Duff & Phelps Credit Rating Co. (DCR) is a leading global rating agency
with 32 local market offices providing ratings and research on debt issues and
insurance claims paying ability in more than 50 countries.  For additional
research on Ford and Ford Credit, visit DCR's web site at http://www.dcrco.com
(QuickSearch: Ford). DCR's research is also available on Bloomberg at DCR and
First Call's BondCall Direct/Research Direct at http://www.firstcall.com, as
well as through other third-party providers.