Fiat CEO says will regain investment grade by 2006

Newswire

TURIN, June 26 (Reuters) - Fiat CEO Giuseppe Morchio on Thursday said he expected the debt-equity ratio of the industrial group to regain investment grade level by 2006, helped by a 1.8 billion euro capital hike and other steps. Ratings agencies Moody's, Standard & Poor's and Fitch have all cut Fiat's debt rating to "junk" on plunging car sales and spiralling debt. "We will have a debt-equity ratio at investment grade when we reach the end of the industrial plan (in 2006)," Morchio ...

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