Ford Motor Co.'s (Ford) operational performance continues to support improving overall automotive cash flow and profitability. We are affirming our 'BBB-' corporate credit ratings on Ford Motor Co. and its subsidiary Ford Motor Credit (which we deem as a core subsidiary), and are revising our outlooks on both companies to positive from stable. The positive outlook reflects the increased likelihood that we could upgrade Ford over the next 12-24 months given its consistent track record of operational execution and its exceptionally strong credit metrics, albeit amidst generally favorable industry conditions. On Nov. 23, 2015, Standard&Poor's Ratings Services revised its outlooks on Ford Motor Co. and its subsidiary Ford Motor Credit to positive from stable and affirmed its 'BBB-'