UPDATE 1-S&P-Fiat refinancing risk to increase toward 2005


(Adds background, details) MILAN, July 27 (Reuters) - Fiat's debt-refinancing risk is likely to increase toward 2005 and 2006 thanks to a lack of free cash flow to contribute to debt repayment, Standard & Poor's said in a statement on Tuesday. The note, released after Fiat announced second-quarter results on Monday, said S&P did not expect Fiat's free operating cash flow to turn positive before 2006. Fiat has 6.8 billion euros of short-term debt maturing by June 30, 2005, ...

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