DBRS Limited (DBRS Morningstar) finalized its provisional ratings of BBB (low), Under Review with Negative Implications, on the following securities issued by Fiat Chrysler Automobiles N.V. (FCA or the Company) under its Euro Medium Term Note Programme.

(1)	EUR 1.25 billion 3.375% notes due July 7, 2023;
(2)	EUR 1.25 billion 3.875% notes due January 5, 2026; and
(3)	EUR 1 billion 4.500% notes due July 7, 2028 (collectively, the EMTNs).

The ratings assigned are based upon the ratings on already-outstanding series of the above-mentioned debt instruments.

The proceeds of the EMTNs will serve to take out in full the Company's EUR 3.5 billion bridge credit facility that FCA entered into on March 26, 2020, and syndicated on April 14, 2020. DBRS Morningstar notes that the EMTNs represent one of several proactive countermeasures implemented by FCA to solidify its liquidity position in response to the global escalation of the Coronavirus Disease (COVID-19) pandemic.

ESG CONSIDERATIONS

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at https://www.dbrsmorningstar.com/research/357792.

Notes:

All figures are in euros unless otherwise noted.

The principal methodologies are Rating Companies in the Automotive Manufacturing and Supplier Industries (October 28, 2019), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

This rating is endorsed by DBRS Ratings Limited (DBRS Morningstar) for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on March 27, 2020, when DBRS Morningstar placed FCA's Issuer Rating and Senior Unsecured Debt rating Under Review with Negative Implications.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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