DETROIT (AP) – Standard and Poor’s is upgrading its outlook on Ford Motor Co., citing the automaker’s first-quarter profit.

S&P says it changed its outlook to positive from stable. It is affirming its corporate debt ratings for Ford and says there is a chance it will raise those ratings during the next year.

S&P says Ford’s prospects for sustained profitability have improved. Ford has substantial cash and has had better than expected earnings for the last few quarters. It also says there are signs of improved perception of Ford vehicles among consumers.

S&P says the company still faces substantial risks, including the possibility of a weak recovery in vehicle sales this year.

Ford earned $2.1 billion in the first quarter, its fourth straight positive quarter.

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