S&P lowers Motor Coach Industries

Standard & Poor's said it lowered its ratings, including the corporate credit rating, on Motor Coach Industries International Inc. to D from CCC-.

The agency noted that the downgrade follows the company's Chapter 11 bankruptcy filing.

S&P said it has lowered the issue-level rating on the company's 11.25% senior subordinated notes due 2009 to D, the same as the corporate credit rating, while the recovery rating on this debt remains six indicating its expectation that these lenders can expect negligible recovery in the reorganization process.

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