Growing North American market that generates significant profits and cash flow; Sizable losses in European operations and only modest, though increasing, profits elsewhere outside of North America; Still-high dependence on light trucks (especially full-size pickups) for profitability in North America, although new car introductions in recent years have performed well; Exposure to persistent industry risks, including volatile demand, high operating leverage, and limited pricing power; and Expectation for continued favorable finance profitability benefitting from improved volumes, low credit losses, and good used-car prices. Ford's credit measures are currently strong and benefit from large cash balances, but we believe credit measures would deteriorate to levels consistent with an "intermediate" financial risk profile in a moderate downturn as a result of EBITDA
