THERE WAS A time last year when Ford Motor found itself in what could have been a serious liquidity squeeze. After the downgrade of its long-term debt rating to Baa1/BBB+, it had to more than halve its outstanding in the commercial paper market by the end of 2001 and is looking to cut this by around half again in 2002.
It has pursued a range of alternatives to make up the shortfall. The $5 billion convertible issued in January improved its cash position and Ford Motor Credit has also been more active in the term debt markets, but at a cost.
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