Moody's cuts Fiat rating to Baa3 from Baa2

Newswire

LONDON, June 26 (Reuters) - Credit ratings agency Moody's Investors Service has lowered the long-term senior unsecured debt rating of Italian automaker Fiat to Baa3 from Baa2, leaving the firm's credit worthiness one notch abouve "junk". At the same time Moody's lowered its ratings on Fiat's commercial paper to to Prime-3 from Prime-2. The outlook for all ratings is negative. "The downgrade ... reflects Moody's expectation that the operating performance of Fiat's automotive business will ...

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