LONDON -- Credit rating agency Standard & Poor's said on Monday that ratings of Italian industrial group Fiat were not affected by the 2.4 billion euro sale of its insurance subsidiary Toro.
S&P rates Fiat a sub-investment grade BB+ with a negative outlook, also assigning a B short-term rating.
The rating agency said the Toro sale, which will reduce Fiat's consolidated net debt by 1.4 billion euros ($1.5 billion), had been taken into account before it slashed Fiat's rating to "junk" on March 5.
"S&P will continue to monitor Fiat's success at implementing asset disposals and challenging internal restructuring measures," said S&P analyst Virginie Casin, in a statement.
Fiat closed a deal over the weekend to sell Toro to publisher De Agostini.