S&P affirms CNH

Standard & Poor's said it affirmed its ratings, including the BB+ corporate credit rating, on CNH Global NV and removed the ratings from CreditWatch, where they were placed with developing implications on April 23.

The outlook is negative.

The ratings were placed on CreditWatch following majority-owner Fiat SpA's demerger announcement, whereby it would split its automotive and industrial businesses by the end of 2010. S&P said the ratings affirmation reflects its assessment of the preliminarily indicated capital structure of CNH's proposed parent entity.

The negative outlook reflects some uncertainty regarding the details of the final capital structure of CNH's proposed parent entity, S&P said, and credit measures (at the proposed entity level) that the agency believes are likely to remain weak for the rating in the near term.

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