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Ford Credit completes $12 billion of funding through May 10
By Jennifer Lanning Drey
Savannah, Ga., May 18 - Ford Motor Co.'s financial services unit Ford Motor Credit Co. completed $12 billion of funding, including $3 billion of unsecured debt, through May 10, Mike Seneski, Ford Credit's chief financial officer, said during a Wednesday presentation at the UBS Leveraged Finance Conference in New York.
About $7 billion of the funding completed in 2011 was public funding in the United States and Canada. Ford Credit has also completed about $5 billion of private transactions across all regions, including its first securitization of wholesale receivables in Mexico, he said.
In addition to unsecured debt, the public funding included $1.5 billion of Ford Upgrade-Linked Exchange, or FUEL, notes and $2 billion of retail securitizations.
For the full year, Ford Credit expects to complete $18 billion to $22 billion of public funding, including $7 billion to $9 billion of unsecured debt and $8 billion to $11 billion of private transactions.
The financial services segment had $18 billion of liquidity available at March 31.
During the presentation, Seneski highlighted that Ford Credit had $6.6 billion of excess committed capacity at March 31, creating a funding source for future assets and flexibility to shift capacity among markets and asset classes where it is most needed.
The CFO also mentioned Ford Motor Co.'s previously stated goal of continuing to improve its balance sheet going forward, with an eye toward investment-grade ratings.
"Internally, we have used returning to investment grade as a rallying cry. It's one of our core objectives and will continue to be one of our core objectives moving forward," Seneski said.
Ford is a Dearborn, Mich.-based domestic carmaker.
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