Fitch lowers Hayes Lemmerz

Fitch Ratings said it has downgraded Hayes Lemmerz International Inc. and its subsidiaries' issuer default ratings and debt ratings as follows based on the company's filing for Chapter 11 bankruptcy:

• Hayes Lemmerz's issuer default rating to D from C;

• HLI Operating Co., Inc.'s issuer default rating to D from C; and senior secured revolving credit facility to C/RR4 from CC/RR3; and

• Hayes Lemmerz Finance - Luxembourg SCA's issuer default rating to D from C; senior secured revolving credit facility to C/RR4 from CC/RR3; senior secured Euro synthetic LOC facility to C/RR4 from CC/RR3; and senior secured euro term loan to C/RR4 from CC/RR3.

The agency added that the recovery ratings on the secured debt have been downgraded to RR4, indicating expected recoveries in the range of 31-50% as a result of a lower assessment of the company's valuation.

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