UPDATE 1-Fiat ratings cut to junk status by Moody's

Newswire

(Updates throughout with Fiat comment, background, details) NEW YORK, Dec 23 (Reuters) - Moody's Investors Service on Monday cut Fiat's debt ratings to junk status, affecting about $15 billion of debt, saying Italy's largest automaker suffers from weak operating performance and a high debt load. While Fiat's debt had long been trading at below-investment grade levels, the downgrade still represented one of the gravest setbacks yet for the struggling group, which in recent days had been ...

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