Chrysler had 8.8 billion euros of cash and 985 million euros of undrawn credit lines, with net debt of 1.5 billion euros at the end of last year, Fiat said January 30. "Fiat has to sell assets or has to sell shares," Harald Hendrikse, an analyst at Citigroup in London, wrote in a note to investors yesterday. Exercising Options Southern European companies have been able to replace existing debt facilities in the past two months as credit conditions in the region improve. Fiat Industrial SpA, the truck and tractor maker spun off from car manufacturer Fiat in 2011, refinanced a two billion-euro credit line last week, and Enel SpA, Italy's largest power company, yesterday extended 9.4 billion euros of loans two years before they were due.