Ford Motor Co.'s Proposed Senior Unsecured Notes Due 2032 Rated 'BB+' (Recovery Rating: '3')

NEW YORK (S&P Global Ratings) Nov. 8, 2021--S&P Global Ratings today assigned its 'BB+' issue-level rating and '3' recovery rating to Ford Motor Co.'s proposed senior unsecured notes (green bonds) due 2032. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in a hypothetical default scenario. We expect the company to apply the proceeds from this issuance toward new or existing green projects, assets, or activities that meet the notes' eligibility criteria. These include clean transportation projects and, specifically, the design, development, and manufacture of its battery electric vehicle (BEV) portfolio. We expect Ford to allocate the significant majority of these proceeds to its North American projects by the end of 2022. Separately, the company

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