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TEXT-Fitch cuts Tenneco, ArvinMeritor, American Axle =2

American Axle recently renegotiated its bank agreement on a secured basis, providing more room under its financial covenants. Given the very steep cuts in GM and Chrysler's first-quarter production, plus a tightening of American Axle's senior secured leverage covenants in the second half of 2009, it is uncertain whether American Axle will be able to remain compliant. Fitch expects that pickup truck sales are approaching replacement demand levels, indicating that risks of a further step-down