Fiat ratings cut to junk status by Moody's

Newswire

NEW YORK, Dec 23 (Reuters) - Moody's Investors Service on Monday cut Fiat's debt ratings to junk status, affecting about $15 billion of debt, saying Italy's largest automaker suffers from weak operating performance and a high debt load. The credit rating agency cut Fiat's senior unsecured debt ratings one notch to "Ba1," its highest junk grade, from "Baa3," and its short-term debt ratings to "Not Prime" from "Prime-3." It said its outlook is "negative," meaning another cut is more likely ...

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