Posted on September 21st, 2011 • by Bill Cawthon
Bloomberg News is reporting the Moody’s Investors Service has downgraded Fiat’s debt by one step, from Ba1 to Ba2 (two steps below investment grade) with a negative outlook. Moody’s cites concerns that a merger with Chrysler will make the Italian company responsible for the American automaker’s debt. Chrysler is rated three grades lower than Fiat. [...]
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Posted on June 15th, 2011 • by Bill Cawthon
Bloomberg News is reporting that Sergio Marchionne, CEO of Fiat SpA and Chrysler Group, has said the Italian automaker won’t risk its credit ratings to gain full ownership of Chrysler. Fiat already holds a majority interest in the U.S.-based car company and looks to hold 57 percent by the end of the year. Fiat previously [...]
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Posted on May 3rd, 2011 • by Bill Cawthon
In a statement commenting on recent actions by ratings agencies, Chrysler CEO Sergio Marchionne said, “The issuance today by Moody’s of a B2 credit rating and “positive” outlook, which follows Standard & Poor’s of a preliminary B+ credit rating on Chrysler Group LLC represents a further important step for the Company. I believe it also [...]
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Posted on April 7th, 2009 • by Bill Cawthon
Moody’s Investor Services, the same company that gave packages of sub-prime mortgages Triple-A ratings, says Chrysler is at greatest risk of filing for protection under bankruptcy laws. The ratings agency says Chrysler will find it more challenging to prove its viability than will General Motors, which is also rated at high risk of bankruptcy. Both [...]
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Posted on February 23rd, 2009 • by David Zatz
Automotive News just reported that Moody’s Investors Service has cut Fiat SpA’s long-term rating to Ba1, the first level of “junk” status, as a result of negative cash flow, debt, and a weak automotive market. Moody’s put on a negative outlook, indicating that they could downgrade it again within two years. While Moody’s noted Fiat’s [...]
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Posted on December 4th, 2008 • by Bill Cawthon
Moody’s Investors Service has downgraded the debt ratings of Chrysler and Chrysler Financial. Chrysler’s rating was dropped from Ca to Caa2 and Chrysler Financial’s went from B3 to Caa2. The move means Moody’s believes there’s an increased likelihood of default by the two companies. In its report, the New York-based ratings agency said: ”The rating action reflects Moody’s view [...]
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