The rating on Michigan-based Ford Motor Co. reflects Standard&Poor's Ratings Services' assessment of the company's business risk profile as "fair" and its financial risk profile as "significant." Factors we consider include Ford's prospects for generating free cash flow and profits in its automotive manufacturing business because of improvement in its U.S. competitive position, the continuing recovery in U.S. industry sales, and its improved cost base in North America. We estimate Ford's automotive operating cash flow (before separation payments) during 2013 will be at least $2 billion to $3 billion (it was $3.4 billion in 2012, or roughly equivalent to about 10% of estimated adjusted automotive and postretirement debt). We also assume Ford can sustain its pretax margin in
