Jul 30th, 2008 by Liz Opsitnik
Fitch Ratings cut Chrysler LLC’s credit rating further on Tuesday, saying restricted access to financing for its vehicles will result in lower retail volumes, reports CNNMoney.com.
The credit ratings agency lowered Chrysler’s issuer default rating two notches to “CCC” from “B-“. The agency said Chrysler’s restricted access to economic retail financing for its vehicles is likely to lead to a further slowdown in its retail sales and more costly sales incentives.
Chrysler announced last week it will no longer offer leases through its lending arm, Chrysler Financial.
Chrysler’s liquidity will likely be “adequate” for the next 12 months, Fitch predicted, but the rapid decline in auto sales and higher commodity prices will result in cash burn at least through 2009.
Fitch’s assigned outlook of “negative” means a further downgrade is likely in the near future.
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