S&P says Fiat ratings not affected by Toro sale

Newswire

LONDON, March 24 (Reuters) - Credit rating agency Standard & Poor's said on Monday that ratings of Italian industrial group Fiat were not affected by the 2.4 billion euro sale of its insurance subsidiary Toro. S&P rates Fiat a sub-investment grade BB+ with a negative outlook, also assigning a B short-term rating. The rating agency said the Toro sale, which will reduce Fiat's consolidated net debt by 1.4 billion euros ($1.5 billion), had been taken into account before it slashed ...

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