Ford reported third-quarter operating cash flow of $1.8 billion from its global automotive operations, a significant improvement from its heavy cash use earlier this year and in 2008. The company announced plans to extend the maturity of its secured revolving credit facility from 2011 to 2013, which in our view would improve liquidity. We believe the risks of Ford's cash balances falling below dangerously low levels have been reduced by recent developments. Still, the sustainability and pace of improvement in industry demand and Ford's own financial results remains uncertain. Standard&Poor's is raising its corporate credit rating on Ford and subsidiaries to 'B-' from 'CCC+'. We also raised the issue ratings. The outlook is stable. NEW YORK (Standard&
