Chrysler 2004 Annual Report Download - page 123

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Consolidated Financial Statements at December 31, 2004 – Notes to the Consolidated Financial Statements
At December 31, 2004, the ratings assigned to the Group by the major rating agencies are the following:
Short-term Medium-term
Moody’s Investors Service (*) Not Prime Ba3
Standard & Poor’s Rating Services (*) B BB-
Fitch Ratings B BB-
(*) For purposes of the Mandatory Convertible facility, the most important rating agencies are Standard & Poor’s and Moody’s.
The ratings of the Group represented in the table refer to the “non-investment grade” category. The Banks did not exercise their
consequent right to demand early repayment of the facility and to proceed with the conversion of the debt into capital for an amount
up to 2 billion euros.
13 Accrued expenses and deferred income
(in millions of euros) At 12/31/2004 At 12/31/2003
Commercial accrued expenses:
Interest and commissions 63 71
Other 445 504
Total Commercial accrued expenses 508 575
Commercial deferred income:
Interest 77 62
Other 593 692
Total Commercial deferred income 670 754
Financial accrued expenses 523 593
Financial deferred income 209 363
Total Accrued expenses and deferred income 1,910 2,285
Financial accrued expenses include interest expense on financial payables for the portion relating to the current year.
Financial deferred income includes deferred interest income on the portfolio of the financial services companies.
14 Memorandum accounts
Guarantees granted
(in millions of euros) At 12/31/2004 At 12/31/2003
Guarantees granted
Unsecured guarantees
Suretyships:
on behalf of associated companies –10
on behalf of others 2,719 3,050
Total Suretyships 2,719 3,060
Guarantees of notes:
on behalf of others 217 259
Total Guarantees of notes 217 259
Other unsecured guarantees:
on behalf of unconsolidated subsidiaries 30 –
on behalf of associated companies 269 295
on behalf of others 2,235 2,780
Total Other unsecured guarantees 2,534 3,075
Total Unsecured guarantees 5,470 6,394
Secured guarantees
on behalf of others 50 36
Total Secured guarantees 50 36
Total Guarantees granted 5,520 6,430