DBRS lifts Fiat Chrysler

DBRS said it upgraded the issuer rating and senior unsecured debt rating on Fiat Chrysler Automobiles NV to BB (high) from BB (low).

The agency revised the recovery rating on the company’s senior unsecured debt to RR3 from RR4.

All trends are stable.

“The upgrade is based, in large part, on FCA’s strong earnings/cash flow generation and sizable debt reduction, which have strengthened its financial risk assessment (FRA) to levels meaningfully above the previously assigned ratings,” the agency said in a news release.

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