UPDATE 3-Fiat debt cut to junk by Moody's amid auto losses

Newswire

(Adds details) By Jonathan Stempel and Christian Plumb NEW YORK/MILAN, Italy, Dec 23 (Reuters) - Moody's Investors Service on Monday cut Italian automaker Fiat's debt ratings to junk status, saying Italy's largest manufacturer suffers from losses at its auto unit and a high, $15 billion total debt load. Moody's action represents a setback for the struggling Turin-based group, whose brands include Alfa Romeo and Lancia. Fiat is laying off thousands of workers and expects its auto unit ...

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