(The following statement was released by the ratings agency).
LONDON, March 24 - Standard & Poor's Ratings Services said today that the announcement made by Italy-based industrial group Fiat SpA (BB+/Negative/B) regarding the impending disposal of its insurance subsidiary, Toro Assicurazioni SpA (local currency Api/--/--), would have no effect on the ratings or outlook on the group.
This transaction, which will reduce Fiat's consolidated net debt by EUR1.4 billion ($1.5 billion), was taken into account by Standard & Poor's, prior to resolving the CreditWatch placement on the group on March 5, 2003.