One problem related to alternator/generator/regulator has been reported for the 1997 Ford Ranger. The most recently reported issues are listed below.
While driving in heavy rain battery light comes on followed by squeeling sound (belt). Engine power effected, loss of steering and brake issues. The vehicle cannot be controlled safely and driver must pull over. This problem happens in even in small puddles! I have a trcuk that cannot operate safely in rain! I have brought this to the dealer 4 times now with the same results. If the belt gets wet there's nothing we can do. What good is a truck that can't be operated in bad weather or drive through a puddle that a Mazda miata can easily handle?.