Scott Sprinzen Quotations

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,

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).

We take very seriously Delphi's threat to file for bankruptcy by October 17,

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..

Market share for these two companies has eroded significantly, and sales of their most profitable products have plummeted.

We haven't factored anything into the rating (but) it's worth monitoring closely. It's a big unknown.

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.

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.

We are still nervous about our ratings, even at the reduced levels.

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.

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.

Public sentiment regarding such vehicles has turned more negative than previously.

Product design issues are also an important concern here, as the companies have shown little ability to foresee market trends, such as the demand for crossover utility vehicles and gasoline-electric hybrids,

They've been skilled in their product development. But they, like their domestic competitors, are very dependent on light truck profitability. They've introduced some new S.U.V.'s at a point when that market is under a cloud.

This poor financial performance heightens concerns about the company's ability to effect a timely turnaround in its critical North American operations,

Ford has experienced a marked deterioration in its pension funding levels due to poor investment portfolio performance,

In the past we might have felt at different points that the concerns about bankruptcy risk were way overplayed.

In the past, we might have felt at different points that the concerns about bankruptcy risk were way overplayed.

General Motors and Ford Motor Co. are being challenged operationally and financially in North America as never before.

If GM got all the benefits of a Chapter 11, that would leave Ford in a situation that certainly couldn't be stable.