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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Fiat announces bond issue, rater cautious AFP - Friday, July 24 MILAN (AFP) - - Italian auto giant Fiat said Thursday it had launched a bond issue worth 1.25 billion euros (1.77 billion dollars) to raise cash, as a credit rater warned the group's liquidity was "weak" and cited risks linked to its takeover of US giant Chrysler. ADVERTISEMENT The company said the "benchmark" bond in euros had a life of three years and had received subscription requests worth 10 billion euros. Fiat said Wednesday its first quarter losses extended into the April-June period but predicted a positive outcome to the year and foresaw a return to profit for its struggling US partner Chrysler. The financial rating agency Standard and Poor's (S&P) said in a statement Thursday it was keeping Fiat's rating under negative surveillance despite the announcement of the bond issue. S&P still plans to lower Fiat's rating after already downgrading it in March to BB+, moving the group into the speculative investment category. S&P analyst Barbara Castellano said the group's liquidity situation was "weak." The agency also saw "risks" in the group's alliance with Chrysler, forged in June, because Fiat boss Sergio Marchionne spends half his time working on turning around the stricken US auto giant as its new chief executive. The automaker reported Wednesday that it had suffered a second quarter net loss of 179 million euros compared with a profit of 646 million euros a year earlier. It said it still expected to achieve a trading profit of more than one one billion euros over the year and a net profit greater than 100 million, the company said. Its industrial debt, closely watched by the market, was reduced to 5.7 billion euros from 6.6 billion at the end of the first quarter, while its liquidity increased to 6.4 billion from 5.1 billion three months earlier. The rating agency also cited "uncertainty" on the future structure of the group, which still wants to play a leading role in the auto sector's consolidation despite having lost a bid to take over German automaker Opel. Hard hit by the global financial crisis like the rest of the auto sector, Fiat went into the red in the first quarter, recording a loss of 411 million euros in what it called an "extremely difficult trading environment." It was the first loss since the group returned to profitability in early 2005 after four years of red ink. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo A view of the Fiat logo at the entrance of the Mirafiori plant in Turin. Italian auto giant Fiat said Thursday it had launched a bond issue worth 1.25 billion euros (1.77 billion dollars) to raise cash, as a credit rater warned the group's liquidity was "weak" and cited risks linked to its takeover of US giant Chrysler. Most Popular – Top Stories Viewed Police raid Jackson doctor for manslaughter link Lost love letter reunites couple after 16 years 'I'm not a saint': Italy's Berlusconi Massive quake moves NZealand closer to Australia Schwarzenegger defends knife-wielding Twitter video View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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