The ratings on Ford Motor Co. and related entities reflect the multiple business and financial risks the company must overcome to stem its cash use in an uncertain industry and economic environment. We view Ford's business risk profile as vulnerable and its financial risk profile as highly leveraged. We believe Ford is showing early signs of progress in reducing its cash use from its automotive operations, and stabilizing, if not improving, its U.S. market share. Still, we believe Ford continues to face the possibility of falling below the necessary levels of cash to run its automotive business--but perhaps not in 2009, given the progress it has shown in the first half of this year. The cash use is being caused
