TEXT-Fitch affirms Fiat at 'BB'; outlook negative

Sept 19 - Fitch Ratings has affirmed Fiat Spa's (Fiat) Long-term Issuer Default Ratings (IDR) and senior unsecured rating at 'BB' and Short-term IDR at 'B'. The Outlook on Fiat's Long-term IDR is Negative. The agency has also affirmed Fiat Finance & Trade Ltd, S.A.'s (FFT) senior unsecured rating at 'BB'. The affirmation reflects Fitch's expectations that Fiat will manage to limit cash erosion in the next couple of years, as steady performance in Brazil and continuous robust performance of the