S&P affirms Ford, Ford Credit

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

The outlook remains stable.

S&P said the ratings reflect Ford's standing as the world's third-largest automaker, including its presence in the growing, relatively high-margin North American SUV and pickup segments. In addition, Ford benefits from its extensive sales finance business, which is conducted through Ford Credit, and from its substantial liquidity.

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, the agency said.

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