...Outlook Stabilised: The Outlook revision is underpinned by the EUR3bn capital increase completed in May 2014 and the gradual improvement in profitability and underlying cash generation that Fitch Ratings expects from 2014 onwards. In particular, the cash inflow will reduce leverage and strengthen key credit ratios. It will also enable the group to enhance investments and boost its product pipeline without further impairing its liquidity. Capital Increase: Peugeot S.A. (PSA) increased its capital by EUR3bn in May 2014, including EUR800m each from the French state and Dongfeng Motor. As a result, they will become the majority shareholders, in line with the Peugeot family, each with a stake of 14%. Expected Sales Recovery: We expect revenue growth in 2014 to be supported by the combination of a strengthening product portfolio, thanks to the renewal of key models in 2013 and 2014, and the gradual recovery of the European market. Our expectations for further growth in China together with PSAs...
