UPDATE 1-Fitch downgrades Volkswagen debt


(Adds background) NEW YORK, July 23 (Reuters) - Fitch Ratings downgraded Volkswagen AG's debt ratings on Friday, citing expected declines in profitability. Fitch said it forecasts lower earnings and cash generation for the German car company's fiscal years 2004 and 2005. The company has launched a program to improve performance by cutting costs, reducing investment, and improving sales performance, but executing this program may be difficult, Fitch said. Volkswagen's chief executive ...

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