Significant underperformance in Europe and Asia-Pacific in recent quarters is pressuring U.S. automaker Ford Motor Co.'s profitability in addition to regulatory costs globally and softening industry demand in North America. Potentially meaningful restructuring actions to address unprofitable segments and/or regions will heighten execution risks in its path toward improving its profit margins in line with automotive peers by 2020. We are revising the outlook on Ford and its subsidiary Ford Motor Credit to negative from stable and affirming all ratings. The negative outlook reflects the increased likelihood that we will downgrade the company over the next 12-24 months given prolonged weakness in profitability and cash flow relative to our expectations for 2018 and 2019. On July 27, 2018, S&P Global
