...Consolidated Profile: Fitch Ratings believes that Fiat Chrysler Automobiles N.V.'s (FCA) ratings should reflect the group's consolidated credit profile in the 'BB' rating category rather than FCA's metrics excluding FCA US, which are more indicative of the 'B' category. FCA's business profile has strengthened, due to the increased integration of FCA US into FCA. We expect integration to deepen further and to provide more synergies in the medium term. FCA US Ring-Fencing: Existing covenants in FCA US's financing documentation limit FCA's access to FCA US's cash. However, in May 2015 FCA redeemed FCA US's senior secured notes due 2019 and we expect the refinancing of the 2021 notes by June 2016. This refinancing, together with the refinancing or amendment of FCA US's credit agreements, will eliminate the current restrictions on the movement of cash within the group. Ambitious Business Plan: FCA's five-year business plan targets a 52% sales increase between 2013 and 2018, notably by expanding...
