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Fitch cuts Hayes Lemmerz
Fitch Ratings said it has downgraded the issuer default ratings and outstanding debt ratings of Hayes Lemmerz International Inc. and subsidiaries as follows: issuer default rating to B- from B and HLI Operating Co., Inc.'s issuer default rating to B- from B and senior secured revolving credit facility to B+/RR2 from BB/RR1.
Also affected are Hayes Lemmerz Finance - Luxembourg SA's issuer default rating to B- from B; senior secured revolving credit facility to B+/RR2 from BB/RR1; senior secured euro synthetic LOC facility to B+/RR2 from BB/RR1; senior secured euro term loan to B+/RR2 from BB/RR1; and senior unsecured Euro notes to CCC/RR6 from B-/RR5.
All ratings remain on rating watch negative, Fitch said, noting that the downgrades reflect ongoing market weakness in the automotive industry, particularly the significant decline in Europe, which is exhibiting a sharper drop than Fitch previously expected.
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