Fitch cuts Sanluis

Fitch Ratings said it has downgraded Sanluis Corporacion, SA de CV ratings as follows: foreign and local currency issuer default rating to CC from B-, senior secured restructured credit facility rating to CC/RR5 from B-/RR4 and mandatory convertible notes and debenture notes ratings to CC/RR6 from CCC+/RR5.

Fitch said it has also downgraded the rating of Sanluis Rassini Autopartes, SA de CV, including the foreign and local currency issuer default rating to CC from B-.

The ratings remain on rating watch negative.

The ratings of Sanluis were placed on rating watch negative on June 16, reflecting the company's weak liquidity position and the growing concern that cash-on-hand plus cash flow generation throughout the year would not be sufficient to amortize scheduled debt in 2008 assuming a downside case, Fitch noted.

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