Fiat: ‘unroadworthy’

Credit of the month

Juan Carrion
Barclays Capital

Slightly overweight
We view Fiat as an industrial conglomerate that is shifting towards being a more focused, less capital intensive service sector conglomerate. Longer term, we believe that this expected transition, with its focus on utilities and financial services, will provide investors with ratings upside from its currently weak low-BBB credit profile, albeit not to the single-A level the company is reportedly targeting. In the mid-term, we view a solid mid-BBB ra

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