Sizable market shares in nearly all major North American vehicle product segments Geographic breadth Profitable captive finance services operations Substantial liquidity Ongoing substantial cash use and high legacy costs in North American automotive operations Overdependence on North American light-truck business Declining market share in North America Difficult competition in all key geographic markets Large unfunded pension and retiree medical liabilities Heavy ongoing financing requirements related to Ford Motor Credit Co. The ratings on Ford Motor Co. and its subsidiaries reflect the wide-ranging difficulties facing Ford's North American automotive operations, which are expected to remain unprofitable until at least 2009--while the automotive operations worldwide burn more than $15 billion in cash from 2007 through 2009. Ford's most recent response to the
