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

Newswire

(The following statement was released by the rating agency) Overview -- We expect substantial excess mass market auto manufacturing capacity in Europe and weak demand in Fiat's Italian home market in 2012 to weigh on profitability and cash flow. -- We are revising our assessment of Fiat's financial risk to "aggressive" from "significant" due to rising net debt and expected significant negative free operating cash flow. -- We are lowering our long-term corporate credit rating on Italy-based ...

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