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Exhibit 12-A
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(dollar amounts in millions)
First Half For the Years Ended December 31
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1998 1997 1997 1996 1995 1994 1993
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Fixed Charges
Interest expense $3,301.5 $3,124.8 $ 6,268.2 $ 6,235.7 $ 5,987.8 $ 4,226.3 $ 3,699.9
Rents 12.7 12.8 26.2 22.2 19.5 16.9 13.0
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Total fixed charges 3,314.2 3,137.6 6,294.4 6,257.9 6,007.3 4,243.2 3,712.9
Earnings
Income before income
taxes 993.1 962.1 1,806.0 2,240.2 2,327.8 2,335.5 2,147.5
Less equity in net income/
(loss) of affiliated
companies 0.9 (0.5) 1.0 55.3 255.4 232.5 198.0
Less minority interest
in net income of
subsidiaries 24.6 28.0 48.4 68.0 65.5 59.3 44.6
-------- -------- ---------- --------- --------- --------- ---------
Earnings before fixed
charges $4,281.8 $4,072.2 $ 8,051.0 $ 8,374.8 $ 8,014.2 $ 6,286.9 $ 5,617.8
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Ratio of earnings to
fixed charges 1.3 1.3 1.3 1.3 1.3 1.5 1.5
======== ======== ========== ========= ========= ========= =========
For purposes of the Ford Credit ratio, earnings include income before income
taxes and fixed charges. Income before income taxes of Ford Credit includes the
equity in net income of all unconsolidated affiliates and minority interest in
net income of subsidiaries. Fixed charges consist of interest on borrowed
funds, amortization of debt discount, premium, and issuance expense, and
one-third of all rental expense (the proportion deemed representative of the
interest factor).