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EXHIBIT 12-A
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS)
FOR THE YEARS ENDED DECEMBER 31
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1998 1997 1996 1995 1994
---- ---- ---- ---- ----
FIXED CHARGES
Interest expense.............................. $6,910.4 $6,268.2 $6,235.7 $5,987.8 $4,226.3
Rents......................................... 26.4 26.2 22.2 19.5 16.9
-------- -------- -------- -------- --------
Total fixed charges...................... 6,936.8 6,294.4 6,257.9 6,007.3 4,243.2
EARNINGS
Income before income taxes.................... 1,812.2 1,806.0 2,240.2 2,327.8 2,335.5
Less equity in net income from affiliated
companies................................... 2.3 1.0 55.3 255.4 232.5
-------- -------- -------- -------- --------
Earnings before fixed charges................. $8,746.7 $8,099.4 $8,442.8 $8,079.7 $6,346.2
Ratio of earnings to fixed charges............ 1.3 1.3 1.3 1.3 1.5
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For purposes of the Ford Credit ratio, earnings consist of income before income
taxes and fixed charges. Income before income taxes of Ford Credit includes the
equity in net income of all unconsolidated affiliates. 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).