Chrysler 2007 Annual Report Download - page 15

Standard & Poor’s Ratings Services raised its rating on
Fiat’s and CNH’s long-term debt from “BB” to “BB+”,
maintaining the positive outlook.
New Holland Construction launched the Tier 3 E245
crawler excavator range in Europe.
June
Lancia presented the Ypsilon Sport Momo Design
featuring the new logo presented in March.
The offering of 1 billion euros in principal amount of 5.625%
Senior Notes due 2017 was closed.
Fitch Ratings raised its rating on Fiat to investment grade,
upgrading its long-term debt by two notches from “BB” to
“BBB-“. The short-term rating was also raised from “B” to “F3”.
The outlook is stable.
The Daimler Truck Group and FPT Powertrain
Technologies announced the signature of a strategic
cooperation agreement in the field of powertrains.
and the industrial group Samotlor-NN, a major
Russian vehicle bodybuilder, signed an industrial agreement
that envisages the creation of a joint venture, 51% owned by
Iveco, for the production of the Daily in Russia.
Magneti Marelli and Avtopribor signed a letter of intent
for the creation of a joint venture in Russia, aimed at
the design, development, production and marketing of
electronic instrument clusters for motor vehicles.
New Holland Agriculture launched in China the T5600
tractors manufactured in joint venture with the Chinese group
SAIC.
won seven awards from the “American
Society of Agricultural and Biological Engineers” (ASABE) for the
most innovative products.
New Holland Construction expanded the offering of its
skid steer loaders in North America and all the range is now
equipped with upgraded engines and cabs. It celebrated its 35th
anniversary of skid steer loader production and entered in the
telehandlers business.
July
On July 4, exactly 50 years after the launch of its historical
predecessor, Fiat Group Automobiles presented the new
Fiat 500. This car does not only have the same name and style
of a city car that marked a milestone in motor industry, but it is
also the symbol of Fiat’s rebirth. Today’s 500 has been designed
to receive the maximum Euro NCAP safety rating and, in fact,
in August it was awarded the five star safety rating from this
prestigious European organisation. This achievement is all the
more significant because it was obtained by a car that is only
3.5 metres long.
Case IH Agriculture began shipping the Module
Express™ 625 cotton picker/packager.
August
Fiat Group Automobiles and the Chinese Chery Automobiles
signed a memorandum of understanding for the
establishment of a 50-50 passenger car joint venture. The company
will produce and distribute Fiat Group Automobiles (Alfa Romeo
and Fiat brands) and Chery cars.
Moody’s Investors Service raised its rating on Fiat’s long-
term debt from “BA2” to “BA1”. The outlook remains
positive. Short-term rating remained unchanged.
New Holland Agriculture enhances the CR9000
combine harvester series with the Elevation series, based on
Twin Rotor™ technology, which won medals at Agritechnica.
September
Magneti Marelli and Chery Automobile Co. Ltd signed
a memorandum of understanding for the creation of a
joint venture in China aimed at the production of hydraulic
components for Magneti Marelli’s AMT (Automated Manual
Transmission).
Fiat Group Automobiles and Severstal Auto announced the
signing of a letter of intent to establish a commercial and
industrial joint-venture in Russia.
Fiat sold its 1.83% equity stake in Mediobanca S.p.A. realising
a gain of approximately 118 million euros.
Report on Operations 2007 at a glance14