Sizable market shares across most major North American vehicle segments; Ongoing profitability and cash generation in its North American operations and substantial cash balances; and Geographic breadth with operations in most significant non-U.S. markets. Large, unfunded pension obligations; Uncertain timing of European operations' return to profitability; The ongoing challenge of retaining recent share gains in the very competitive North American market; Overdependence on light trucks and pickups in North America for profitability; and Exposure to significant commodity price increases. Standard&Poor's Ratings Services' rating on Michigan-based Ford Motor Co. reflects our assessment of Ford's business risk profile as "fair," and its financial risk profile as "significant," according to our criteria. Factors include, among other things, Ford's prospects for generating
