Ford has $40 billion in total back-up facilities, with room to do another $5 billion in the unsecured commercial paper market and about $7 billion extra capacity in external ABS conduits. So it can increase short-term debt if need be.
None of these credit facilities has ratings triggers that would make access punitive and analysts believe Ford could do all its term financing in ABS for the next two years if necessary. And as Paul Griffith, credit analyst at Goldman Sachs, points out, relying on the ABS market is not necessarily problematic.
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