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TOKYO -- Ford Motor Co. may sell part of its stake in Mazda Motor Corp. to help weather plunging U.S. auto sales and the global credit crunch, Japanese media reported.

Ford is close to selling most of its 33.4 percent holding in the Japanese carmaker, the Nikkei newspaper and broadcaster NHK said today. NHK said Ford wanted to shed a 20 percent block.

Ford and Mazda declined comment on any specifics. "Our relationship with Mazda has not changed," said Ford spokesman Mark Truby. Mazda in a statement said: "Nothing has been decided."

Proceeds of any sell-off could help stabilize Ford's financial situation, weakened by falling sales and a tumbling stock price. Standard & Poor's said this week it was considering cutting Ford's credit rating deeper into junk status.

Japanese trading company Sumitomo Corp. and India's Tata Motors were potential buyers of Mazda shares, Nikkei said. Ford sold its Jaguar and Land Rover units to Tata earlier this year.

But today Tata said reports that it was a potential buyer of shares in Mazda were incorrect.

Ford and Mazda would continue joint auto production following any sale, the Nikkei said.

Ford CEO Alan Mulally told Reuters yesterday that a bankruptcy filing "makes no sense to us." He said the automaker is focused on its turnaround and managing its cash "very, very carefully."

Said Mulally: "Clearly the most important thing for us is to continue to build our viable Ford."

Jamie LaReau contributed to this report.