S&P: Ford view positive

Standard & Poor's said it revised the outlook on Ford Motor Co. and related entities to positive from stable and affirmed its B- corporate credit rating on Ford and Ford Motor Credit Co. LLC and the B rating on FCE Bank plc.

The outlook revision follows news of Ford's profitable first-quarter results, including an 8.9% pretax margin in its North American automotive operations, the agency said.

The company's prospects for sustained profitability in its global automotive operations in 2010 have improved since our previous assumptions, even if margins do not remain at their current levels, S&P said.

The automaker also reported $200 million in automotive operating-related cash flow for the quarter, excluding the effect of upfront subvention payments to Ford Credit, the agency said.

S&P said it assumes the company will be modestly cash flow positive in automotive operations in 2010.

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