S&P ups CNH Global

Standard & Poor's said it raised its corporate credit rating on CNH Global NV and related entities to BB from BB- following the same rating action it took on CNH's parent company, Fiat SpA (BB/stable/B).

The outlook is stable.

S&P said that the corporate credit rating and outlook on publicly traded CNH are the same as those of the parent company because of the close ties between the two entities.

Fiat views CNH as a core business and continues to provide strong liquidity support to CNH in the way of intercompany loans and bank loan guarantees, the agency said.

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