Recovery Report: Fiat SpA Recovery Rating Profile Dec 11
- ID: 2028736
- December 2011
- Standard & Poors
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
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Research Type: Full Analysis