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Recovery Report: Fiat SpA Recovery Rating Profile Dec 11 Product Image

Recovery Report: Fiat SpA Recovery Rating Profile Dec 11

  • ID: 2028736
  • December 2011
  • Standard & Poors

FEATURED COMPANIES

  • Fiat Industrial SpA
  • Fiat SpA
  • MORE

Abstract
We are providing a recovery analysis on Italian auto group Fiat SpA (Fiat) to reflect the group's capital structure following the placement of the new revolving credit facility (RCF) in July 2011. At our hypothetical point of default in 2015, we estimate the stressed enterprise value of Fiat at about €10.8 billion. The issue rating on Fiat's senior unsecured notes and new senior unsecured revolving credit facility (RCF) is 'BB'. The recovery rating on each of these instruments is '4', indicating our expectation of average (30%-50%) recovery for creditors in an event of default, although at the high end of this range. On Jan. 1, 2011, Italian industrial conglomerate Fiat group demerged its capital goods activities into a new company,...

Companies mentioned in this report are:
- Fiat SpA
- Fiat Finance and Trade LTD. societe anonyme
- Fiat Finance North America Inc.
- Fiat Industrial SpA

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Fiat SpA
- Fiat Finance and Trade LTD. societe anonyme
- Fiat Finance North America Inc.
- Fiat Industrial SpA

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