The rating on Ford Motor Co. reflects, among other factors: Standard&Poor's Ratings Services' expectation that Ford's return to profitability in North America is sustainable, even if margins do not remain at their recent high levels; Our view that Ford will continue to generate positive free operating cash flow in its global automotive operations; Signs of ongoing improvement in customers' perception of Ford's vehicles as well as the company's efforts to broaden its line-up of smaller, more fuel-efficient vehicles over the next few years; and Ford's adequate liquidity and substantial cash balances. We view Ford's business risk profile as weak and its financial risk profile as aggressive. Under our criteria, the combination of these profiles is consistent with a
