TEXT-Fitch lowers GITI Tire rating to 'B-'

Newswire

(The following statement was released by the rating agency) Oct 06- -- GITI's liquidity is likely to remain strained over the next 12 months because of substantial cash outflows despite the refinancing of the company's notes. -- We believe the China-based tire manufacturer's headroom under the maintenance covenants of its new club loan is thin. -- We are lowering our corporate credit rating on GITI to 'B-' from 'B' and our Greater China scale credit rating to 'cnB-' from 'cnBB-'. ...

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