TEXT-S&P lowers Italian carmaker Fiat to 'BB' on demerger

Newswire

(The following statement was released by the rating agency.) -- Italian carmaker Fiat has completed its demerger of its nonautomotive businesses and fully disclosed its new financial structure. -- Post demerger, we assess Fiat's business risk profile as fair, versus satisfactory previously, due to its now less diversified business focusing predominantly on volume car production. -- We are lowering the long-term rating on Fiat to 'BB' from 'BB+', affirming the 'B' short-term rating, and ...

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