Scott Sprinzen
Scott Sprinzen
believe decline demand gasoline katrina leading prices reliance rita soaring
We believe soaring gasoline prices after Hurricanes Katrina and Rita are leading to an accelerating decline in demand for S.U.V.'s, ... disproportionate reliance on S.U.V.-related earnings.
agreement announced auto care costs eventually expect ford general health reach reduction result similar union united workers
We expect Ford to eventually reach an agreement with the United Auto Workers union similar to that announced by General Motors Corp. that could result in a substantial reduction of Ford's burdensome health care costs in the long term.
nervous reduced
We are still nervous about our ratings, even at the reduced levels.
companies eroded market products profitable sales share
Market share for these two companies has eroded significantly, and sales of their most profitable products have plummeted.
actions current environment fact gasoline given large major seems
Given the current environment with gasoline prices, the fact that GM's major actions are so heavily weighted in mid- and large SUVs, that seems problematic,
bankruptcy change file files october ratings rule seriously threat
We take very seriously Delphi's threat to file for bankruptcy by October 17. If Delphi files for bankruptcy, we couldn't rule out a ratings change (for GM).
bankruptcy file october seriously threat
We take very seriously Delphi's threat to file for bankruptcy by October 17,
act certain curtail funding marketing potential problems support
Under certain circumstances, G.M.A.C. could act to curtail its funding support of G.M.'s marketing operations, precipitating potential problems for G.M..
rating worth
We haven't factored anything into the rating (but) it's worth monitoring closely. It's a big unknown.
america challenged ford general motor north
General Motors and Ford Motor Co. are being challenged operationally and financially in North America as never before.
bankruptcy concerns felt might past points risk
In the past we might have felt at different points that the concerns about bankruptcy risk were way overplayed.
bankruptcy concerns felt might points risk
In the past, we might have felt at different points that the concerns about bankruptcy risk were way overplayed.
conclusion few last quarters results seen
At this juncture, it's our conclusion that this isn't a far-fetched possibility if the kind of deterioration in results we've seen over the last few quarters should continue.
actions company earnings future maintain net positive sufficient weaker
These actions should be sufficient to maintain positive net liquidity in 2002, even with weaker earnings performance. But those aren't actions that can be relied on indefinitely. The future of the company relies on an earnings rebound.