...- We expect Ford Motor Co.'s EBITDA margins will exceed 8% (our previously stated target) with adequate cushion in 2024 and 2025 given strong momentum in its commercial vehicle franchise and gradual cost reduction. - With cash balances of about $29 billion as of Sept. 30, 2023, and overall liquidity of around $51 billion, we believe Ford has solid financial flexibility to compete in its highly cyclical and disruption-prone end-markets. - We raised our long-term issuer credit rating on Ford and its subsidiary Ford Motor Credit Co. LLC (Ford Credit) to '###-' from '##+'. We also raised our issue-level ratings on the unsecured debt at both companies to '###-' from ##+' and raised the short-term rating on Ford to 'A-3' from 'B'. - The stable outlook reflects our expectation that Ford's cost reduction over the next 24 months will more than offset higher labor-related costs, losses in its Model e segment, and rising pricing pressure amidst slowing macro conditions....
