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FORD CREDIT EUROPE LAUNCHES MAJOR FUNDING PROGRAMS

 BRENTWOOD, England, Oct. 6 /PRNewswire/ -- Ford Credit Europe plc, a consolidation of Ford Motor Company's European finance subsidiaries, today announced plans to launch major new funding programs which will substantially increase its access to the global capital markets.
 In the first program, Ford Credit Europe will sell commercial paper in the United States, followed by a similar program in Europe. Ford Credit Europe's commercial paper (in both the United States and in Europe) has been rated A-1 by Standard and Poor's and P-1 by Moody's.
 A Euro Medium-Term Note program will be launched soon. When this debt is issued, ratings are expected to be mid single-A, the same as for Ford Motor Company (NYSE: F).
 Ford Credit Europe's consolidation into a single European company will make it one of the largest finance companies in Europe with assets of about $12 billion when completed. Ford Credit Europe plc is incorporated in the United Kingdom and falls under the consolidated supervision of the Bank of England.
 Ford Credit Europe was the first company to apply to the Bank of England for "passports" to open branches throughout Europe under the Economic Community's (EC) Second Banking Coordination Directive which went into effect on Jan. 1, 1993.
 This enables an EC credit institution to offer its financial services throughout the EC via branches or on a cross-border basis. This move, placing it at the leading edge of financial institutions, allows Ford Credit Europe to gain maximum benefit from harmonization of the European Market.
 Myron Young, chairman of Ford Credit Europe, stated, "This is the culmination of a year's detailed planning and multi-disciple teamwork. Basically, we started with a clean sheet of paper, and we have worked together closely with the affected central banks, most particularly the Bank of England, to pursue our objectives.
 "It was obvious to us," he continued, "that an integrated unit, with a strong international credit rating, was the best way to ensure that Ford Credit is positioned to deliver customer satisfaction and maintain our historical high growth rate."
 -0- 10/6/93
 /CONTACT: David Nash of Ford Credit Europe, 01144 277 692402, or Nick Sharkey of Ford Credit U.S., 313-594-1096/
 (F)


CO: Ford Credit Europe plc; Ford Motor Company ST: Michigan IN: AUT FIN SU:

SB-KR -- DE002 -- 9188 10/06/93 08:32 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
Words:384
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