NEW YORK (S&P Global Ratings) Feb. 5, 2021--S&P Global Ratings today said that Ford Motor Co.'s (BB+/Negative/B) performance in 2020 was better than we expected due to increased pricing and lower costs, which helped offset the effects of the severe drop in its volume earlier in the year on its margin. If we believe the company's metrics will likely remain in line with our updated base-case scenario, we could revise our outlook to stable in the second half of the year. Based on its recent performance, our base case (after incorporating a $2.5 billion decline in its EBIT stemming from the ongoing semiconductor chip shortage) assumes Ford's EBITDA margins will remain in the 5%-6% range (above our 5% downside trigger)
