S&P lowers TI Auto

Standard & Poor's said it lowered the long-term corporate credit rating on TI Automotive Ltd. to CC from CCC, its revolving facility to CCC+ with 1 recovery rating, its senior secured debt to CCC- from B with 2 recovery rating and withdrew all ratings at the company's request.

The outlook is negative.

"Our downgrade of TI Auto reflects our analysis of the latest information that we were able to obtain from the company, dating from prior to year-end 2008," S&P analyst Andres Albricci said in a statement.

"The lower rating also incorporates our assessment of the impact that the current severe deterioration in the automotive sector is having on TI Auto's ability to comply with its debt covenants and service its debt in accordance with existing terms."

The agency said it believes TI Auto has a high risk of default in 2009.

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