TURIN, Italy - Fiat CEO Sergio Marchionne says Fiat has a good cash position to face any problems at its unit Chrysler, which ratings agency Fitch cited as a risk when it downgraded the Italian automaker's credit grade.
Marchionne said Fiat has raised "a lot of money" from the markets over the last 18 months. But he said he remains concerned about the weak European auto market.
The Fitch rating agency downgraded Fiat SpA on Tuesday because of risks linked to its alliance with Chrysler Group LLC, which Fiat took over in June 2009. Fitch downgraded it to BB from BB+.
Marchionne says the move was not surprising given financial market uncertainty.
He spoke Wednesday at the European launch of the Lancia Voyager minivan and Thema luxury sedan, both based on Chrysler models.
