TEXT-Fitch cuts Visteon IDR to 'D' on bankruptcy filing


(The following statement was released by the rating agency) May 28 - Fitch Ratings has downgraded Visteon's Issuer Default Rating (IDR) to 'D' from 'C' based on the company's filing for Chapter 11 bankruptcy. Existing ratings on Visteon remain as follows: --Senior secured term loan 'C/RR4'; --Senior unsecured notes 'C/RR6'. Furthermore, Fitch affirms the ABL facility's 'B-/RR1' rating and simultaneously withdraws the rating based on Ford becoming the ABL lender prior to bankruptcy. Fitch ...

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