Improved cost position in the growing North America market that supports profits and cash flow; Sizable losses in European operations and execution risk of General Motors Co. (GM's) ongoing repositioning in Europe; Good market shares in China and Brazil, and considerable profits from international operations (including joint venture operations); Massive number of safety recalls in 2014, including high profile ignition switch recall that has large potential cash costs and could damage GM's reputation; Still-high dependence on light trucks (particularly full-size pickups), for profitability in North America, despite GM's new car introductions; Exposure to persistent industry risks, including volatile demand, high operating leverage, and limited pricing power; and Execution risks associated with the expansion of finance operations. Strong credit measures that
