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S&P: Ford outlook negative
Standard & Poor's said it revised the outlook on Ford Motor Co. and Ford Motor Credit Co., to negative from stable and affirmed the B long-term and B-3 short-term ratings.
S&P said the outlook reflects heightened concerns about industry challenges in North America after Ford increased the amount of cash it expects to use from its global automotive operations over the next two years and said it no longer expects to return the automotive business to profitability by 2009.
Ratings reflect the multiple challenges the company faces in stemming cash losses from its North American automotive operations, the agency said.
Ford's response to these challenges is a multiyear restructuring plan involving additional cost cutting and capacity reductions, S&P noted.
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