Sizable market shares across most major North American vehicle segments Recent return to profitability in North America, and positive cash generation in global automotive operations Geographic breadth, with operations in most significant non-U.S. markets Challenges in generating meaningful profits in European operations Overdependence on pickups and SUVs in North America for profitability High fixed costs and excess production capacity in many regions, especially for light trucks Heavy funding needs of Ford Motor Credit Co. LLC The rating on Ford Motor Co. reflects, among other factors: Standard&Poor's Ratings Services' expectation that Ford's return to profitability in North America is sustainable, even if margins do not remain at their recent high levels; Our view that Ford will continue to generate
