LONDON -- Fiat Spa's ratings are not affected by the one-year postponement in the option to sell its stake in Fiat Auto Holding B.V. to General Motors, Standard & Poor's said on Monday.
Fiat is rated BB- long-term with a stable outlook by S&P, three notches below investment grade.
The option will be exercisable from 2005 to 2010, instead of 2004 to 2009 previously, S&P said in a statement.
"The ratings on Fiat already assumed that the group would not exercise its put to GM on Fiat Auto soon, in view of the group's renewed commitment to turning around Fiat Auto," the agency said.
This postponement does not preclude the possibility for GM to contest the enforceability of the put agreement on legal grounds, it added.