Fitch downgrades Delphi

Fitch Ratings said it downgraded the senior unsecured debt rating of Delphi Corp. to CCC from B and the rating on the trust preferred securities to CCC- from CCC+. The bank facility is downgraded to B from BB-.

The company remains on Rating Watch negative.

Fitch said the downgrade reflects the drawdown of Delphi's revolving credit facility and the implied heightened bankruptcy risk as the company enters a critical stage in its discussions with the UAW.

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