This report does not constitute a rating action. NEW YORK (S&P Global Ratings) April 28, 2022--S&P Global Ratings today said that Ford Motor Co.'s (BB+/Positive/B) first-quarter 2022 performance and guidance for 2022 are broadly in line with our expectations to support its a gradual recovery of free operating cash flow (FOCF) amid supply bottlenecks and inflationary conditions. The company remains positioned for an upgrade to an investment-grade rating by early 2023 if the demand environment remains supportive once supply-chain conditions improve. A key credit risk factor for the upward migration of our ratings on Ford--and most automakers--is the ability to cope with pricing pressure amid potential demand volatility once production normalizes to pre-pandemic levels by 2024. We now project global
