NEW YORK (Standard&Poor's) Oct. 25, 2012--Standard&Poor's Ratings Services said today that Ford Motor Co.'s (BB+/Positive/--) announcement regarding the restructuring of its European operations is broadly consistent with the assumptions in our current rating and positive outlook. These actions are meant to return Ford's European operations to profitability by mid-decade. European passenger sales are in their fifth year of decline, the prospects for 2013 look dim, and most volume makers are reporting losses. Ford plans to close a large assembly plant in Belgium and two facilities in the U.K. Operating losses in Europe (including reductions in vehicle stocks but excluding some severance costs) could be about $3 billion over 2012–2013, and we assume cash use will also
