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Jul - Wohnort: The group's near-term financial flexibility has significantly improved since the beginning offueled by three major events: This strong improvement in the group's short-term liquidity eased negotiations with banks just as Fiat's available committed bank lines came to maturity in July Current ratings still incorporate the weak market position of Fiat Auto, which has still not achieved break-even and operates in an increasingly competitive environment.
Continuous cost-cutting--notably thanks to better purchasing--combined with the launch of new models are, however, poised to stop the decline in sales and restore positive EBIT in The change in outlook also reflects our expectation that Fiat Auto's profitability will improve, as suggested by its sharp reduction in losses in the second quarter of The automotive market will remain extremely challenging, especially for Fiat, which has to compete with more robust competitors.
Nevertheless, the group is expected to reap the benefits of its cost-cutting measures, while the introduction of new models notably the new Punto should stop its commercial decline. Thanks also to the solid performance of CNH, which is benefiting from a cyclical rebound in its market and from a significantly improved cost base, indicators are expected to be much better than inwith free cash flows close to zero, thanks to the cash settlement of GM.
The situation is expected to be even better inwith positive free cash flows even in the absence of exceptional in-flows. The group's recovery nevertheless remains contingent upon the success of its new car launches.
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