The ratings on Ford Motor Co. and related entities reflect the multiple business and financial risks the company faces operating in a competitive and highly cyclical industry amid an uncertain economic environment. Standard&Poor's Ratings Services views Ford's business risk profile as vulnerable and its financial risk profile as highly leveraged, though we consider liquidity to be substantial. We believe Ford has demonstrated progress in its turnaround by generating positive cash flow from automotive operations, and in stabilizing, if not improving, its U.S. market share. Still, we believe underlying business risks remain high, most notably the company's: Exposure to a potentially weak recovery in vehicle demand in key global markets; Still high dependence on light trucks for profitability in
