NEW YORK (S&P Global Ratings) April 26, 2019--S&P Global Ratings said today Ford Motor Co.'s quarterly results indicated early progress on its turnaround efforts in China, Europe, and North America, the three regions that drove the year-over-year EBIT decline last year. Ford's reduced losses in China and limited improvements in Europe remain within the tolerances of our negative outlook. At this stage, some downside risk to overall credit quality remains because of ongoing competitive pressure, weaker profits compared with General Motors (BBB/Stable/--), and execution risks related to its broad cost reduction initiatives amid softening global demand. We believe a one-notch downgrade is still likely sometime in 2019 if, consistent with our published outlook, it appears unlikely that Europe and China
