Fiat rating cut throws new wrench into overhaul bid

Newswire

By Christian Plumb and Kirsten Donovan MILAN/LONDON, Dec 24 (Reuters) - Italian industrial group Fiat's uphill road to recovery just got steeper. In the latest blow to the crisis-rocked company, credit ratings agency Moody's Investors Service on Monday downgraded $15 billion in Fiat debt to junk and highlighted how its woes have stretched beyond the crisis-hit auto unit. The move, though widely expected, will raise the group's already weighty financing expenses, throwing a new wrench ...

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