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ASSOCIATES FIRST CAPITAL CORP. $300 MIL. SHELF RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 8 /PRNewswire/ -- Associates First Capital Corp.'s $300 million shelf registration is rated 'A+' for senior debt and 'A' for subordinated debt by Fitch. The credit trend is stable.
 The ratings reflect intercompany leverage that exists between First Capital, and its parent, Ford Holdings Inc., which is supported by the strong and diverse operations of 'AA' rated Associates Corp. of North America. Having financed a substantial amount of its capital contributions to Associates with debt, double leverage is high, but lower than it was in prior years. As a result, First Capital depends entirely on dividends from the operating subsidiary, or additional borrowings, to service its debt. Associates' health and capitalization suggest that any interruption in dividends is highly unlikely, but because of its dividend restrictions, any debt service problems would have to be managed by Ford.
 First Capital is the holding company for Associates Corp. of North America and Associates National Bank, a credit card bank which sells participations in its loans to Associates. First Capital, in turn, is owned by Ford Holdings, Inc., an intermediate holding company formed as part of the October 1989 acquisition of Associates. Ford Holdings is a subsidiary of Ford Motor Co.
 -0- 7/8/93
 /CONTACT: Valerie L. Gerard of Fitch, 212-908-0577/


CO: Associates First Capital Corp. ST: IN: FIN SU: RTG

TM -- NY094 -- 9655 07/08/93 16:17 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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