Stellantis Credit Rating Cut by Moody’s After Writedowns

Moody’s Ratings downgraded Stellantis NV’s credit rating, citing the carmaker’s warning that a recovery in profitability will take longer than expected due to the costs of scaling back its electric vehicle plans.

The ratings company moved Stellantis down one notch to Baa3 from Baa2, according to a statement. Baa3 is the lowest level indicating an investment grade rating.