Fiat SpA’s plans for revival are drawing lukewarm support from the investment community. Just days after the Italian manufacturing conglomerate announces a sweeping restructuring plan, two leading debt rating agencies lower Fiat’s debt to junk levels. The moves could hamper efforts by the company to turn around its failing Fiat Auto SpA unit, which has been hemorrhaging cash for more than two years. Both Moody’s Investors Service and Fitch Ratings wasted little time in expressing ...

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