S&P affirms Ford

Standard & Poor's said it affirmed its BBB- long-term corporate credit ratings and its A-3 commercial paper ratings on Ford Motor Co., Ford Motor Credit Co. and all related entities. The outlook is stable.

S&P rates Ford Motor's corporate credit, senior secured debt and senior unsecured debt at BBB-, preferred stock at BB and commercial paper at A-3 and Ford Motor Credit's corporate credit and senior unsecured debt at BBB- and commercial paper at A-3.

S&P said the ratings reflect Ford's broad scope as the world's second-largest automaker, including its strong position in the growing, relatively high-margin North American sport utility vehicle and pickup segments.

In addition, S&P said Ford benefits from its extensive sales finance business, which is conducted through Ford Credit. However, the ratings also take into account the clouded prospects of Ford's automotive operations, given increasingly competitive industry conditions in all of the company's core markets.

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