TEXT-S&P cuts Fiat SpA to 'BB-' from 'BB'=2

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leverage, the stronger protection that the RCF benefits from due to the maintenance financial covenants included in its documentation, and a relatively less creditor-friendly jurisdiction in Italy. To calculate recoveries, Standard & Poor's simulates a hypothetical default scenario at the earliest plausible potential point in order to perform our recovery analysis. For Fiat, we believe a default would most likely result from a deterioration in operating performance, due to weak demand ...

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