Moody's, in its most recent analysis of the company, also questions whether Ford could sustain an investment-grade rating.
Fitch's outlook for Ford is stable. The agency also noted risks, including the strength and pace of the global economic recovery and the demand for automobiles, especially as Western Europe heads into recession.
But Fitch said the company's net cash of $10 billion at the end of last year and other sources of cash should give it enough money to endure a severe sales downturn. Ford can break even at a lower sales volume because of its restructuring, and it now has the right mix of both small and large vehicles. Ford's products used to tilt more heavily toward trucks and SUVs.
"Ford's more balanced product portfolio has put it in a better position to weather the likely mix shifts to smaller vehicles typically seen in economic downturns," Fitch said.
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