Ford Motor Co.'s (Ford) new four-year labor contract with the United Auto Workers (UAW) has been ratified; we believe the contract will allow for continued profitability and cash generation in North America. Ford has a two-year track record of profits and cash flow generation in its global automotive operations, supported by strong performance in North America. We believe Ford's global automotive operations will generate at least mid-single-digit EBIT margins and positive automotive operating cash flow of at least $5 billion in 2011. We are raising our corporate credit rating on Ford to 'BB+' from 'BB-'; and assigning a stable outlook. The ratings are removed from CreditWatch, where they were placed with positive implications on Sept. 29, 2011. On Oct. 21,
