Fiat CEO calls group's junk bond status "obscene"

Newswire

BIELLA, Italy, Jan 28 (Reuters) - Fiat's chief executive on Monday said it was "obscene" that the Italian industrial group still had a junk bond rating even though it had paid off all of its debt. "I find it obscene to give a junk rating to people who have no debt," Sergio Marchionne told reporters during a factory visit. In reporting a record group trading profit for 2007 last Thursday, Fiat said it had paid off its debt and accumulated a net industrial cash position of 355 million ...

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