Dunque, Ford dispone di linee di credito secured per 10,1 mld $ senza financial covenants e senza material adverse change provision, per cui le può utilizzare e nel mentre aspetta che GM "faccia il lavoro" con la UAW ...
Sempre che tutto vada bene... e poi queste disponibilità bancarie sono secured: i bondisti dunque scalano di un posto, sempre nella famosa sciagurata ipotesi...
Moody's says Ford's Caa3 rating unchanged following earnings release.
New York, January 29, 2009 -- Moody's Investors Service said that Ford Motor Company's Caa3 Corporate Family Rating (CFR) and Probability of Default rating, as well as its SGL-4 Speculative Grade Liquidity rating remain unchanged following the company's announcement of net losses of $5.9 billion for the fourth quarter of 2008 and $14.6 billion for the full year. Ford also announced that a $5.5 billion fourth quarter cash burn reduced its gross cash position to $13.4 billion, and that it will draw down $10.1 billion under its committed credit lines. The company has stated that a drawing under the lines will insure availability of the funds in the face of considerable instability and uncertainty within the capital markets.
Moody's Caa3 and SGL-4 ratings continue to reflect the severe erosion in US and European automotive demand, the significant pace of cash consumption that Ford will experience through 2009, and the risk that the company will have to undertake some form of balance sheet restructuring in order to achieve the same UAW concessions that General Motors (GM) and Chrysler are likely to achieve as a result of the recently-approved government bailout loans. Such a balance sheet restructuring would likely entail a loss for bond holders and would be viewed by Moody's as a distressed exchange and consequently treated as a default for analytic purposes.
Ford continues to maintain, based on its current planning assumptions, that it has sufficient automotive liquidity to fund its business plan and product investments, and that it does not need a bridge loan from the US government. A critical element of this liquidity profile is the $10.1 billion being drawn under its secured credit facility which has no financial covenants and no material adverse change provision. The current ratings anticipate that the drawing will be funded by the lenders. Should the funding not take place or should it be materially less that the $10.1 billion committed level, Ford could become more reliant on access to government loans to enhance its liquidity position. In such an event, Ford would be subject to similar balance sheet restructuring provisions as those facing GM and Chrysler, and its long-term rating would be lowered to Ca.
The last rating action on Ford was a downgrade of the company's Corporate Family Rating to Caa3 from Caa1 on December 22, 2008.