Standard&Poor's Ratings Services' rating on Michigan-based Ford Motor Co. reflects our assessment of Ford's business risk profile as "fair," and its financial risk profile as "significant," according to our criteria. Factors include, among other things, Ford's prospects for generating free cash flow and profits in its automotive manufacturing business because of improvement in its U.S. competitive position, the continuing recovery in U.S. industry sales, and its improved cost base in North America. Our base case assumes single-digit improvement for industry light-vehicle sales in North America in 2012 and 2013. We estimate Ford's automotive operating cash flow (before separation payments) during 2012 will be at least $2 billion to $3 billion (roughly equivalent to around 10% of estimated adjusted
