The rating on Ford Motor Co. reflects Standard&Poor's Ratings Services' assessment of Ford's business risk profile as fair and its financial risk profile as significant. We believe the company's automotive operations in North America will remain profitable with industry light-vehicle sales at or above current levels (i.e., more than 11 million units). We also believe Ford has good prospects for generating at least as much cash flow from its automotive operations after separation payments in 2011 as in 2010, as the key U.S. auto market gradually recovers. But cash flow will be sensitive to developing headwinds--including commodity prices and other cost increases--and these could temper year-over-year cash flow improvement. We believe Ford has at least stabilized its U.S.
RESEARCH Summary: Ford Motor Co. Publication date: 09-Feb-2011 Primary Credit Analyst: Robert Schulz, CFA, New York (1) 212-438-7808; robert_schulz@standardandpoors.com Secondary Contact: Dan Picciotto, CFA, New York (1) 212-438-7894;...
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Bulletin: Ford Motor Co. Plan To Reduce Debt By $3 Billion By Redeeming Securities – 2011/02/10 – Free
Bulletin: Ford Motor Co. First-Quarter Earnings Announcement Consistent With BB-/Positive/-- Rating – 2011/04/26 – Free
Bulletin: Ford Motor Co. Second-Quarter Results Support Positive Outlook On Rating – 2011/07/26 – Free
Ford Motor Co. Unsecured Issues Raised On Lower Secured Debt; All Other Ratings Unchanged – 2011/07/29 – US$ 150.00
Summary: Ford Motor Co. – 2011/08/17 – US$ 225.00
Ford Motor Co. – 2011/02/09 – US$ 500.00
Ford Motor Co. Upgraded To 'BB-' Due To Ongoing Recovery; Outlook Positive – 2011/02/01 – US$ 150.00
Research Update: Ford Motor Co. Upgraded To 'BB-' Due To Ongoing Recovery; Outlook Positive – 2011/02/01 – US$ 225.00
Bulletin: Ford Motor Co.'s Third-Quarter Earnings Announcement Is In Line With Our Ratings, Outlook – 2010/10/26 – Free
Summary: Ford Motor Co. – 2010/08/31 – US$ 225.00
S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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