Limited geographic diversity; Heavy reliance on the light-truck segment; History of quality issues, leading to less-favorable, though improving, brand perception; Good conditions in its primary market of North America; and Full ownership by Fiat which is exposed to end-markets with weaker prospects such as Europe and Brazil. We expect debt to EBITDA to improve toward 3.0x and free operating cash flow (FOCF) of more than $500 million in 2014; Improved large unfunded pension and other post-employment benefit positions; Considerable cash balances; and We expect substantial deterioration in FOCF during industry downturns as a result of competitive pressures and high operating leverage. The rating outlook is stable. We assess Chrysler Group LLC as a "core" subsidiary of Fiat and expect that
