S&P pulls expected Delphi rating

Standard & Poor's said it no longer expects to assign its corporate credit rating of B and debt issue ratings to unrated Delphi Corp. upon the company's emergence from Chapter 11 under the most recent plan of reorganization.

This is because the company's lead equity plan sponsors on Friday terminated their $2.5 billion equity purchase and commitment agreement, which would have enabled Delphi to emerge from Chapter 11 bankruptcy protection, the agency said.

S&P noted that the timing and details of any revised emergence plan by Delphi remain uncertain.

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