TEXT-S&P cuts FGA Capital long-term rating to 'BBB-'

Newswire

(The following statement was released by the rating agency) Overview -- We lowered the long-term and issue ratings on Fiat SpA to 'BB-' from 'BB', affirmed the 'B' short-term rating, and removed the long-term rating from CreditWatch negative on April 26, 2012. -- We have maintained FGA Capital SpA's stand-alone credit profile at 'bbb-', reflecting a weakened business position offset by its increasing exposure to lower risk countries. Our view of FGA Capital as an "insulated" subsidiary of ...

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