Fiat SpA shares lose value

Bonds and shares of Fiat SpA slipped after Standard & Poor’s cut its outlook on the credit rating of Italy’s largest manufacturer amid continuing losses at the auto unit.

The yield more than government debt on the company’s 2011 bonds rose to its highest in more than two months, indicating investors perceive an increased risk in owning the debt. S&P yesterday changed its outlook on Fiat’s high-risk, high-yield BB-credit rating from stable to negative.