Ford Credit Trims Funding Plan for 2005

Ford Motor Co.'s finance arm on Wednesday trimmed its borrowing plans for 2005 and said it will not likely issue more unsecured debt this year after its ratings were cut to junk status on May 5.

Total borrowings at Ford Motor Credit Co. will likely be about $16 billion to $22 billion this year, down from earlier forecasts of $16 billion to $25 billion, according to Ford Credit's chief financial officer David Cosper.

"We could be out of markets, frankly, if we had to be, with our cash balance through year end," said Cosper, speaking at a conference for fixed-income investors in Boston. "I don't foresee that happening, but in the near term, we are going to be reliant on secured borrowings."

For this complete story, please visit Ford Credit Trims Funding Plan for 2005.

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