Fitch ups Peugeot to positive

Fitch Ratings said it revised Peugeot SA's rating outlook to positive from stable and affirmed Peugeot and Renault SA's long-term issuer default ratings and senior notes at BB+ and Peugeot's short-term issuer default rating at B.

The outlook on Renault is stable.

Peugeot's outlook revision reflects the view that the group could be upgraded in the next 12 months if the recovery of key credit metrics, underpinned by solid 2010 results, is confirmed in 2011, Fitch said.

Peugeot and Renault have demonstrated that they are on track with their respective targets to increase revenue, earnings and free cash flow generation in the foreseeable future, Fitch said.

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