On Nov. 7, 2008, Standard&Poor's Ratings Services said its ratings on Ford Motor Co. and Ford Motor Credit Co., including the 'B-' corporate credit ratings, remain on CreditWatch with negative implications following Ford's report of very weak third-quarter financial results. The ratings were placed on CreditWatch on Oct. 9, reflecting our concern that deteriorating automotive markets in the U.S. and other major markets would lead to accelerating cash losses. Ford today reported a massive $7.7 billion cash outflow from automotive operations in the third quarter, bringing to $12.3 billion the cumulative cash used in the first nine months of 2008. We expect cash outflows to remain high in the fourth quarter, given that U.S. industry demand continued to
