TEXT-Fitch:European sales decline;PSA's rating of most concern to auto investors


Dec 20 - Fitch Ratings says that another year of new vehicle sales decline in Europe in 2013 combined with an adverse pricing environment will put further pressure on European car manufacturers' revenues and operating margins. The negative impact on profitability and cash generation from top line erosion will also be exacerbated by most carmakers' continuously poor cost structure, including low capacity utilisation rates. A series of recent investor ...

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