Fitch upgraded Fiat's rating outlook (BB-) from negative to stable. The measure, underlines a press release from the agency, "is based on our opinion that Fiat's rating should take into account the consolidated credit profile, ie including Chrysler, rather than a stand-alone dimension".
Furthermore, Fitch points out, we believe that the group's business profile is strengthened, thanks to the increase in integration with the American automaker. The agency expects a further increase in integration itself and higher synergies in the medium term. Beyond that, the expectation is that Fiat will refinance Chrysler's debt in 2016, when financial conditions will be more favourable, thus lifting current restrictions on cash flows within the group.
