NEW YORK (S&P Global Ratings) Feb. 5, 2020--S&P Global Ratings today said that Ford Motor Co.'s (BBB-/Stable/A-3) recently announced guidance for 2020 indicates ongoing profitability and cash flow pressure amid weakening global demand. Though recent results and the soft guidance narrowly remain within the tolerances of our stable outlook, we see risks that could delay or even thwart sustained EBITDA margin improvement toward our base case of 6%-7%. Ford's outlook for 2020 indicated no material improvement from 2019. Global cost-reduction programs are not likely to offset volume, mix, and other operational uncertainties; therefore, we expect year-over-year improvement in 2020 will be less than what we assumed in our prior base case. In the U.S., product changeover costs, especially in the
