Fiat bonds fall sharply after ratings cut

Newswire

LONDON, June 26 (Reuters) - Italian automaker Fiat's bonds fell sharply in Europe on Wednesday after it suffered a credit ratings downgrade that left its debt just one-notch above the "junk" category." Fiat's 6.25 percent euro bond due February 2010 was trading to yield around 360 basis points over government bond yields -- 75 basis points more on the day. Those bonds are now worth just 88.7 cents in the euro. Moody's cut the firms long-term senior unsecured debt rating to Baa3 -- its ...

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