Ifil stands by Fiat investment after S&P downgrade

Newswire

MILAN, Oct 26 (Reuters) - Italian holding company Ifil on Wednesday defended its recent investment to keep control of carmaker Fiat after ratings agency Standard & Poor's cut its rating on Ifil following the move. Ifil, through which the Agnelli family controls Fiat, said in a statement its investment in the carmaker made in September was valid and confirmed it believed in Fiat's relaunch.

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