...Consolidated Profile: Fitch Ratings revised Fiat Chrysler Automobiles N.V.s (FCA) Outlook to Stable from Negative in September 2014. Fitch believes that FCAs ratings should reflect the groups consolidated credit profile in the 'BB' rating category rather than FCAs metrics excluding Chrysler, which are more indicative of the 'B' category. In addition, the groups business profile has strengthened, due to the increased integration of Chrysler into FCA. We expect integration to deepen further and to provide more synergies in the medium term. Chrysler Ring-Fencing: Existing covenants in Chryslers financing documentation limit FCAs access to Chryslers cash. However, FCA confirmed in October 2014 that it intends to refinance Chryslers senior secured notes due 2019 and 2021 at their initial optional redemption dates of June 2015 and June 2016, respectively. This refinancing will eliminate the current restrictions on the movement of cash within the group. Ambitious Business Plan: FCAs five-year...
