TEXT-S&P cuts PreferredPLUS Trust FRD-1 to 'D'

(The following statement was released by the rating agency)
April 10 - Standard & Poor's Ratings Services today lowered its rating on
PreferredPLUS Trust Series FRD-1's $50 million trust certificates to 'D' from
'C'.
Today's rating action reflects the April 6, 2009, lowering of the rating
on Ford Motor Co.'s 7.40% debentures due Nov. 1, 2046, to 'D' from 'C'.
The rating on the certificates is dependent on the rating on Ford Motor
Co.'s debentures.

RELATED RESEARCH

-- "Ford Motor Co. Corp. Credit Rating Lowered To 'SD' (Selective Default) On
Completion Of Tender Offers; Debt Rtgs To 'D'," published April 6, 2009; and
-- "Global Synthetic Securities Criteria," published Dec. 18, 1996.

Primary Credit Analyst: Lisa Chen, New York (1) 212-438-6216;
lisa_chen@standardandpoors.com
Secondary Credit Analyst: Adrian Techeira, New York (1) 212-438-2103;
adrian_techeira@standardandpoors.com

(New York Ratings Team)
((e-mail: pam.niimi@reuters.com; Reuters Messaging:
pam.niimi.reuters.com@reuters.net; Tel:1-646-223-6330))

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