U.S. car maker Ford reported a fourth-quarter profit, including a pretax margin of 3.9% in its North American automotive operations and positive operating cash flow from its global automotive operations. We believe that as a market recovery continues in North America, Ford's global automotive operations will generate at least mid-single-digit pretax margins and positive automotive operating cash flow (after subvention and separation payments) of at least $3 billion in 2011. We are raising our corporate credit rating on Ford to 'BB-' from 'B+' and raising the issue ratings on Ford's senior secured credit facilities to 'BB+' and its senior unsecured debt to 'B+'. The outlook is positive, reflecting potential for an upgrade if the global economic recovery, U.S. labor negotiations,
