Ford works with the SEC on a sale of bonds backed by auto loans

07/26/2010 | Wall Street Journal, The

Ford Motor Credit delayed a sale of bonds backed by auto loans last week because of regulatory uncertainty caused by the financial overhaul. On Monday, Ford sold a billion-dollar bond by working with the Securities and Exchange Commission. Ford and the SEC created a reprieve to a part of the law that holds credit rating agencies liable for ratings they issue. "Clearly, the SEC recognizes the importance of the public [asset-backed securities] markets, and we are glad the staff is taking temporary measures to ensure public markets continue to be available by establishing a transitional period through Jan. 24, 2011," a spokeswoman wrote.

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