Ford reported a second-quarter profit, including a pretax margin of 11.2% in its North American automotive operations and positive operating cash flow from its global automotive operations. We believe that as a gradual market recovery continues in North America, Ford's global automotive operations will generate at least low-single-digit pretax margins and positive operating cash flow in 2010, with potential for improvement in 2011. We are raising our corporate credit rating on Ford to 'B+' from 'B-'. We also raised the issue-level ratings on Ford's senior secured credit facilities to 'BB' from 'B-' and revised the recovery rating on this debt to '1' from '3'. We raised the issue rating on Ford's senior unsecured debt to 'B' from 'CCC' and revised
