Fiat Chrysler Automobiles (FCAU) Q2 Revenue Tops Views, Raises FY Guidance
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S&P Lifts Outlook on Fiat Chrysler Automobiles (FCAU) to Positive; Sees Improving Leverage Over Next Year
July 30, 2015 12:17 PM EDTKey Points:
During the next year, we expect Fiat Chrysler Automobiles N.V. (FCA) to completely remove contractual restrictions which limit its access to sizeable cash balances in FCA US LLC (FCA US, formerly Chrysler Group LLC).If this occurs, we forecast potentially stronger leverage metrics, with a ratio of funds from operations (FFO) to adjusted debt of 20%-25% in 2016.We are therefore revising our outlook on FCA and FCA US to positive from stable, and affirming our 'BB-' ratings.The positive outlook reflects the possibility that we may raise the... More