Credit Ratings Our short-term and long-term debt is rated by four credit rating agencies designated as nationally recognized statistical rating organizations (“NRSROs”) by the United States Securities and Exchange Commission: DBRS, Fitch, Moody’s, and S&P. In several markets, locally recognized rating agencies also rate us. A credit rating reflects an assessment by the rating agency of the credit risk associated with a corporate entity or particular securities issued by that entity. Rating agencies’ ratings of us are based on information provided by us and other sources. Credit ratings assigned to us from all of the NRSROs are closely associated with their opinions on Ford. Credit ratings are not recommendations to buy, sell, or hold securities and are subject to revision or withdrawal at any time by the assigning rating agency. Each rating agency may have different criteria for evaluating company risk and, therefore, ratings should be evaluated independently for each rating agency. There have been no rating actions taken by these NRSROs since the filing of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. The following table summarizes certain of the credit ratings and outlook presently assigned by these four NRSROs: Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued) NRSRO RATINGS Ford Credit NRSROs Long-Term Senior Unsecured Short -Term Unsecured Outlook/Trend Minimum  Long-Term Investment Grade Rating DBRS BB (high) R-4 Negative BBB (low) Fitch BB+ B Negative BBB- Moody’s Ba2 NP Negative Baa3 S&P BB+ B Negative BBB- 37