Ford Motor Co.'s Proposed Unsecured Notes Rated 'BBB-'

NEW YORK (S&P Global Ratings) Dec. 4, 2019--S&P Global Ratings today assigned its 'BBB-' issue-level rating to automaker Ford Motor Co.'s proposed unsecured notes. We expect the company to use the net proceeds from these notes for general corporate purposes. We expect the transaction to be roughly neutral for Ford's debt to EBITDA, which we estimate will remain under 1.0x over the next 12-24 months. The stable outlook on Ford reflects our expectation for a modest improvement in the company's profitability (EBITDA margins of between 6% and 7%) in 2020 relative to 2019 due to new product rollouts globally over the next 24 months and its strong liquidity position, which it will use to fund ongoing restructuring actions. Our secured

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