The ratings on Ford Motor Co. reflect the multiple challenges the company faces in stemming cash losses from its North American automotive operations. These challenges include overcapacity, fierce competition, adverse customer shifts away from more profitable vehicle segments, and now sliding demand because of the weak U.S. economy. We expect U.S. light-vehicle sales to be 14.9 million units in 2008, the lowest in a decade and down from 16.1 million units in 2007. Ford also continues to lose market share in the U.S., although much of its share loss in the past year resulted from deliberate reductions in sales to daily rental fleets. Ford's U.S. retail market share has been more stable in recent quarters. Ford's response to these challenges
