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February 15, 2008 |
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FIAT SPA: Joint Venture with Credit Agricole Earns EUR119 Mln Fiat Group Automobiles Financial Services, a 50-50 joint venture of Fiat SpA and Credit Agricole, earned EUR119 million in its first year of operations ending in Dec. 31. 2007 The prospects for 2008 confirm further growth, thanks to the growth in sales of autos by Fiat, improvement of financial activities, and cross-selling with Credit Agricole, the Forbes reports, citing Thompson Financial. Overall, financial activities grow 8% to EUR17 billion on a year to year basis from 2006. This joint venture provides finances to dealear and car financing to Fiat customers. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/ -- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As reported in the TCR-Europe on Nov. 6, 2007, Moody's Investors Service changed the outlook on Fiat S.p.A. and subsidiaries' Ba3 Corporate Family Rating to positive from stable and affirmed its Ba3 long-term senior unsecured ratings as well as the short-term non-Prime rating. On Oct. 4, 2007, Fitch Ratings affirmed Fiat S.p.A.'s Issuer Default and senior unsecured ratings at BB- and Short-term rating at B. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. |
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