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. Standard&Poor's Ratings Services views 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 in stabilizing, if not improving, its U.S. market share. Still, we believe fundamental business risks will remain unchanged well into 2010 at least, most notably the company's exposure to weak vehicle demand globally, but also the substantial execution risk of the company's ongoing restructuring and repositioning. We expect Ford's
