NEW YORK (Standard&Poor's) April 27, 2012--Standard&Poor's Ratings Services said today that Ford Motor Co.'s (BB+/Stable/--) first-quarter results have no impact on the rating or outlook. Results were dominated by North America, where margins were stronger than our full-year expectations at 11.5%, but most other regions were loss making. Given the outlook for some of these other markets, North America could be expected to generate the vast majority of Ford's profits and cash flow in 2012. Automotive operating cash flow in the quarter was $900 million, up sequentially from $700 million, but down from $2.2 billion year-over-year. For the rating, we assume Ford will generate annual global automotive operating cash flow of at least $2 billion-$3 billion
