...- Ford Motor Co. underwent a severe year-over-year revenue decline in the second quarter of 2020 because of plant shutdowns during the COVID-19 pandemic. We believe the uncertainty related to the pandemic is ongoing and introduces risk to our base-case forecast for Ford's sales, profitability, and cash flow. - While U.S. light-vehicles sales were down about 47% year over year in April, each successive month improved, with sales in May down about 30% and in June about 24%. - We are taking our ratings on Ford off CreditWatch, where placed them March 25, 2020, with negative implications. - We are affirming our '##+' issuer credit rating and issue-level ratings. - If the ratio of unencumbered assets over unsecured debt at Ford Credit falls below 1.0x on a sustained basis, its rated debt at Ford Credit will likely be lowered one notch to '##'. - The negative outlook reflects our view that there is at least a one-third chance we could lower the ratings if, for instance, Ford's debt-to-EBITDA...
