Fitch downgrades Chrysler, citing financing risk

Newswire

NEW YORK, July 29 (Reuters) - Fitch Ratings on Tuesday cut its ratings on Chrysler LLC deeper into junk territory, saying restricted access to economical financing will likely hurt the automaker's sales. Fitch cut Chrysler's rating to "CCC," or seven steps below investment grade, from "B-minus." A "CCC" rating indicates substantial risk of default. The outlook is negative, indicating another downgrade is likely over the next one to two years. Fitch said it is concerned with the state of ...

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