Credit rating agency Moody's Ratings changed European automaker Stellantis' ratings outlook to negative Monday, though maintained its current ratings. In their Monday report, Moody's analysts outlined the financial risks facing the owner of Chrysler, Fiat, Jeep and other car brands.

The report highlighted Stellantis's weak operating performance, as well as whether and how much the company could see its profitability and free cash flow generation recover. Analysts also pointed to the automaker's declining market share since the start of 2024, as auto dealers have reduced their inventories, demand for various brand models has dipped, and the company has experienced delays in new product launches.

"Additionally, challenging market conditions in Europe and the impact of U.S. import tariffs have further pressured profitability and cash flow," the Moody's analysts wrote.

The rating agency stopped short of actually downgrading Stellantis's ratings, citing among other things the automaker's weakening but still-strong liquidity profile and its resilient global scale.

Stellantis holds an issuer-level Moody's rating of Baa2, which is on the lower end of the investment-grade ratings spectrum.