Fitch downgrades Delphi

Fitch Ratings said it downgraded Delphi Corp.'s senior unsecured rating to BB+ from BBB-, trust preferred rating to BB- from BB+, and commercial paper rating to B from F3.

Additionally, Fitch has placed Delphi on Rating Watch negative.

Fitch said its rating actions reflect concerns regarding financial restatements, the potential for further restatements and the resulting management changes made at a crucial juncture where a convergence of events raises the risk of negative cash flow and higher debt levels.

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