Super car and hot girl

One event in international sports car Velden recently held in the Austrian town of Velden, with the participation of more than 300 super cars from around the world like: Techart GT Street R, Weismann MF5, Lamborghini Murcielago, Gallardo Superleggera, Aventador LP700-4, McLaren MP4-12C, Ferrari 458 Spider, Porsche Carrera GT, 599 GTB, Ferrari 430 Scuderia, Lamborghini Diablo ... which must include the presence of a Ferrari F430 Chrome.

Nissan retained the 3.5-liter V6 despite the prevailing flight to all inline-fours for midsize sedans by much of the industry, noting that there is still a group of drivers who like V6s. Predictably, the four-cylinder car feels lighter in the nose, able to turn in a fraction quicker than its V6 sibling, but the six-cylinder model rules in the throttle-response stakes.

Some people might not like the unusual engine cadence one experiences with a CVT, but you can't beat it for instant response. Need to move into a gap on the freeway? Step on the gas and hold on. Then, on the open road, you can dial back and let the revs drop to a discreet purr as the CVT spools to its long-striding high ratio. All that's left is to sit back on the new NASA-inspired "zero-gravity" seats (designed to reduce muscular load) and enjoy the trip.


Looking ahead, one sees an appropriately space-age instrument panel with a center info screen that offers virtual three-dimensional displays. The car is loaded with all of the usual modern electronic stuff, including a backup camera that provides not only a rearward peek but also lane-departure and blind-spot warnings, plus moving-object recognition to see toddlers and shopping carts.


Along with navigation and cell phone integration (allowing streaming audio and text-message services), the Altima has available remote start and easy-fill tire-pressure monitoring, where the car beeps to tell you when the correct pressure has been reached.

The biggest casualty of the day was Sergio Perez. He crashed into a barrier during the first qualifying session, due to what looked like a steering problem. He lost his left-rear wheel and was forced to park his car on track.


Perez also had a huge crash during qualifying in Monaco last year, which left him out of the race and in hospital with severe concussion.


2012 Monaco Grand Prix grid

Does new GT 86 coupe finally give Toyota a sports car contender? We hit the road to find out



The Toyota GT 86 is the car keen drivers have been waiting for. Ever since its debut as a sleek concept at the 2009 Tokyo Motor Show, this coupe has become one of the most anticipated models of the decade.

Developed in partnership with Subaru, the GT 86 has gone back to basics in an effort to deliver undiluted and affordable driving thrills. With its traditional front-engine and rear-wheel-drive layout, low kerbweight and eye-catching £24,995 price, it has all the right ingredients to succeed. So does it live up to the hype?

It certainly looks the part. With its long nose, low roofline and short tail, the GT 86 has classic coupe proportions. Racy touches include an aerodynamically tuned tailgate spoiler, ‘double bubble’ roof and huge twin-exit exhausts. It’s not as sleek as an Audi TT or as muscular as a Nissan 370Z, but has plenty of visual appeal.

Inside, the GT 86 is less impressive. The busy dashboard design already looks a bit dated, while there are far too many hard and shiny plastics, giving the cabin a slightly low-rent feel. And the cramped rear seats can only really be used by small children. Yet the driving position is perfect and the high-backed, figure-hugging seats are extremely comfortable.

Press the starter button, and the 2.0-litre flat four fires into life with a purposeful burble. Drivers who are used to torquey turbocharged diesel and petrol engines will find the naturally aspirated 197bhp engine feels a little gutless at low speeds.

Get the revs above 4,000rpm, however, and the Toyota pulls strongly all the way to its 7,400rpm red line – although this relatively narrow powerband means that you will have to make plenty of use of the precise, but slightly clunky, six-speed manual gearbox.

The star of the show is the Toyota’s chassis. Engineers have worked hard to achieve near-perfect weight distribution, with the result that the GT 86 is beautifully poised when threaded through a series of bends.


The meaty steering is full of feedback, while the use of low-rolling-resistance tyres from the Toyota Prius means that the car’s excellent handling balance can be explored at relatively low speeds.

When you factor in the growling exhaust note and the progressive brakes, it’s hard not to be won over by the GT 86. On a twisting back road, few cars at any price are as entertaining or engaging.

The Toyota even makes a decent case for itself as a daily driver. If you can live with the sluggish response at low revs and the cheap cabin, then you’ll discover a firm but comfortable ride, loads of standard kit and a well shaped 243-litre boot.

New York, May 22, 2012 -- Moody's Investors Service raised the senior unsecured ratings of Ford Motor Company (Ford) to Baa3 from Ba2 and Ford Motor Credit Company LLC (Ford Credit) to Baa3 from Ba1. Ford's Corporate Family and Probability of Default Ratings, as well as its Speculative Grade Liquidity rating, are withdrawn.

The rating of Ford's secured credit facility is lowered to Baa3 from Baa2 in anticipation of the imminent fall away of the bank agreement's security interest. This fall away, which would be consistent with the facility's terms, would result in any outstandings being pari passu with Ford's other senior unsecured debt.

The upgrade of Ford recognizes the strength of the company's position in North America, its robust liquidity position, and our expectation that the company will continue to embrace sound operating and financial disciplines. We believe that these strengths will enable Ford to maintain an investment grade profile in the face of the sector's ongoing cyclicality and weakness in the European market.

The upgrade of Ford Credit's ratings results from the upgrade of the Ford ratings. Ford Credit's strategic importance to Ford as a provider of critical dealer and consumer auto financing, as well as Ford's explicit and implicit support of Ford Credit tie Ford Credit's ratings to those of its parent. Based on the liquidity and capital positions of Ford and Ford Credit, Moody's estimates that Ford has the capacity to support Ford Credit to a level equivalent to the Baa3 rating. Ford Credit's stand-alone credit profile remains unchanged at a mid-Ba level.

The rating outlook for both Ford and Ford Credit is stable.

RATINGS RATIONALE

Bruce Clark, senior vice president with Moody's said, "The key factor in our considering an investment-grade rating for Ford was whether or not the company would be able to sustain its strong performance. We concluded that the improvements Ford has made are likely to be lasting."

Moody's notes that one of Ford's key strengths is its low North American breakeven level. The rating agency estimates that since the 2009 restructuring of the US auto industry and the adoption of a new UAW labor agreement, Ford's North American annual breakeven level has declined by approximately 45% from 3.4 million units to 1.8 million units. Moreover, for the last twelve months through March 2012, Ford's North American wholesale shipments were 50% above its estimated breakeven point. This large margin over breakeven, combined with the improving outlook for US auto demand and the $6.2 billion in segment profits Ford North America generated during 2011, reflect a healthy and sustainable business position.

This sound North American business model is further supported by a product portfolio that is increasingly competitive with that of Asian OEMs. In addition, we believe that Ford will maintain a robust new product renewal program.

Importantly, Moody's believes that Ford has demonstrated its commitment to maintaining sound operating and financial disciplines by preserving a low breakeven level; matching production levels to retail demand; limiting the use of incentives and price discounting; capitalizing on the use of global vehicle platforms; and, building healthy supplier relationships.

Ford's ability to contend with stress is also supported by its strong liquidity profile. At March 2012, the company had a $32 billion gross liquidity position consisting of $23 billion in cash and over $9 billion in committed credit facilities. We estimate that after accounting for maturing debt and the minimal levels of cash needed to run the business and fund intra-period working capital requirements, Ford has approximately $20 billion in incremental liquidity that would be available to contend with stress.

The major challenges facing Ford stem from its high exposure to the depressed European auto market and the company's modest position in Asia -- particularly China. Approximately 25% of Ford's global revenues are generated in Europe and the company expects that losses in the region will be in the range of $500 million to $600 million in 2012 after breaking even during the prior year. Due to the high level of over-capacity in Europe, and the continuing uncertainty surrounding the region's sovereign and banking debt crisis, we believe that there is additional downside risk to Ford's performance in 2012 and 2013. We note, however, that compared with its mass-market OEM peers in Europe, Ford's operations are relatively efficient and are near 90% capacity utilization. Moreover, Ford's strong North American position and healthy liquidity profile are critical elements of its ability to contend with the risks posed in Europe.

Ford has a small position in the large and strategically important Chinese auto market. Expanding its operations in this region represents the most significant long-term challenge facing the company. Success in this expansion initiative and in restoring the profitability of its European operation will be necessary for Ford to establish a more balanced global footprint.

Ford Credit's high encumbered asset levels constrain its stand-alone profile. Additionally, Moody's anticipates that Ford Credit will increase its leverage in the future, though not to the level it maintained in the years prior to the financial crisis. Ford Credit is seeking to modify its funding mix to incorporate more unsecured debt issuance, which in time should cause encumbered asset levels to decline and increase its financial flexibility. Ford Credit's ratings are supported by asset quality performance that has significantly recovered since the depths of the credit crisis and pre-tax pre-provision profitability that compares with historical levels.

In order to support a positive outlook or higher rating, Ford will have to demonstrate clear progress in building profitability outside of North America. This would require a sustained turnaround of its European operations and a profitable expansion of its position in China. The company would also have to maintain its solid position in North America and a healthy liquidity profile. For the LTM through March 2012, Ford's performance (reflecting Moody's standard adjustments) included: EBITA margin of 5.4%; debt/EBITDA of 3.0x; and EBITA/interest of 3.9x. Metrics that would support a positive rating action include: EBITA margin above 8%; debt/EBITDA below 3.0x; and EBITA/interest above 5x.

Metrics that might indicate pressure on the rating include: EBITA margin below 4.5%; debt/EBITDA of approaching 4.0x; and EBITA/interest below 3.0x. The principal methodology used in rating Ford Motor Company was the Global Automobile Manufacture Industry Methodology published in June 2011. The principal methodology used in rating Ford Motor Credit Company LLC was Analyzing The Credit Risks Of Finance Companies published in October 2000. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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