TEXT-S&P cuts Fiat corporate credit rating to junk


(The following statement was released by the rating agency) March 31 - Standard & Poor's Ratings Services said today that it has lowered its long- and short-term corporate credit ratings on Italian industrial group Fiat SpA to 'BB+/B' from 'BBB-/A-3'. The long-term rating remains on CreditWatch with negative implications, where it was placed on Jan. 22, 2009, while the short-term rating was removed from CreditWatch. Standard & Poor's also lowered to 'BB+' from 'BBB-' its ...

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