Deal review: Fiat

Proof that favoured credits – even relatively distressed ones – can find a place in portfolios came late in July with Fiat’s three-year €1.25 billion transaction. The Italian carmaker has suffered more than other names in a sector that has come under severe pressure due to the global recession, and was downgraded by Moody’s from the lowest echelon of investment grade in February to become a sub-investment grade issuer. Fitch and Standard & Poor’s also downgraded the company’s debt to sub-investm

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