The ratings on Ford Motor Co. and subsidiaries reflect the wide-ranging difficulties facing Ford's North American automotive operations, which are now expected to remain unprofitable until at least 2009--while the automotive operations worldwide burn about $17 billion in cash. The market share erosion, adverse product mix trends, high dealer inventories, and raw material costs that have plagued Ford in recent years were all evident in 2006 and, in some cases, worsened. The expanded turnaround plan for Ford's North American operations, although important because of its breadth and scope, cannot be expected to gain much real traction until well into 2007. Ford's U.S. light-vehicle market share declined to 17.3% in 2006, from 18.3% in 2005. Further declines are expected in 2007
