NEW YORK (S&P Global Ratings) Feb. 3, 2023--S&P Global Ratings today said that Ford Motor Co.'s (BB+/Positive/B) fourth-quarter 2022 results indicate slower operational improvement and modestly weaker 2023 free cash flow prospects than we expected. As a result, we made modest revisions to our base case, mostly to lower our expectation for free operating cash flow (FOCF) in 2023 to account for high capital expenditure and ongoing cash restructuring charges. We now expect less cushion in 2023 to our EBITDA margin upside trigger of 8%, especially given pricing and product mix pressure in tough macroeconomic conditions, weaker profits in Europe, and ongoing investments in its model E segment. In addition, we also incorporate the costs associated with negotiating a new
