Moody’s cuts Garrett Motion

Moody’s Investors Service said it downgraded the long term corporate family rating of Garrett Motion Inc. to Caa1 from B2 and the probability of default rating to Ca-PD/LD from B2-PD, following the company’s announcement it filed for protection under Chapter 11.

Moody’s also cut the senior unsecured rating of Garrett LX I Sarl to Caa2 from Caa1. Concurrently, Moody’s confirmed the B2 the senior secured bank credit facilities ratings of the company’s subsidiaries Garrett LX III Sarl, and Garrett Motion Sarl.

The agency changed to the outlook on all the companies to stable from ratings under review for downgrade.

This rating action concludes the review for downgrade started on Sept. 2, Moody’s said.

Moody’s said it would withdraw its ratings because of the bankruptcy.

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