European Holdco Race –IDR to ‘B-’ from ‘B’ –Senior secured

(European Holdco) explains races –IDR to 5′race fells in ‘B-’ from ‘B’; –Senior secured revolving credit facility to ‘B+/RR2′ from ‘BB/RR1′; –Senior secured Euro synthetic LOC facility to ‘B+/RR2′ from ‘BB/RR1′; –Senior secured Euro term loan to ‘B+/RR2′ from ‘BB/RR1′; –Senior unsecured Euro notes to ‘CCC/RR6′ from ‘B-/RR5′. All ratings remain on Rating Watch Negative (where they were originally placedon Dec 11, 2008) Race – wikipedia . Fitch’s actions affect approximately $570 million of onbalance sheet debt Race . The downgrades reflect ongoing market weakness in the automotive industry,particularly the significant decline in Europe, which is exhibiting a sharperdrop than Fitch previously expected.

The downgrades also reflect Fitch’sconcerns regarding HAYZ’s ability to meet and maintain compliance with thetightening leverage covenant in the company’s credit agreement, which is in theprocess of being renegotiated Race . The ratings remain on Rating Watch Negative as discussed in the Dec 11, 2008Fitch commentary titled ‘Fitch Places Seven U.S fun run . Auto Suppliers on Rating WatchNegative.’ The Rating Watch Negative is also based on Fitch’s concerns about thetightening covenants in HAYZ’s credit facility and the ongoing negotiations toamend these covenants and possibly other elements of the credit agreement half marathons . Asdiscussed in the aforementioned commentary, the Rating Watch Negative is basedon the uncertain longer-term federal assistance for the U.S raceway . OEMs and the impactof a potential bankruptcy filing by General Motors (and Fitch’s view that thiswould be followed by a bankruptcy at Ford). Given its smaller profile, it isunlikely that a bankruptcy filing by Chrysler would have the same impact. Thefederal assistance plan for General Motors and Chrysler is a positive for theentire supply chain, solidifying production and the continued extension of tradecredit into the first quarter of 2009 Race tickets – wikipedia .

Although the plan forestalls the threatof immediate bankruptcy, Fitch views it as a temporary measure that does notmaterially improve the companies’ potential for long-term viability . Fitchexpects that the agreement will be significantly restructured and clarified in2009 under a new administration and a new Congress marathons . The short timeframe of thecurrent agreement, the complexity of several components (competitive wage rates,VEBA funding, forced debt exchange) and the non-binding nature of the agreementprovide significant room for definition or alteration runners . In the event of a General Motors bankruptcy, Fitch believes that the resultingcontraction in auto production, the supply chain, trade credit andcapital-access would cause widespread shutdowns and bankruptcies throughout thesupply chain . Fitch notes that even if the OEMs avoid bankruptcy, majorrestructurings of their operations will occur, causing material changes in theoperations of their Tier I suppliers Race . In the event of a General Motorsbankruptcy, Fitch’s prospective IDR for HAYZ could be ‘CCC’ Europe accounts for approximately 58% of HAYZ’s sales Race tickets .

“We will consider all of our legal and policy options in lightof today`s unfortunate decision in the hopes of helping these vulnerablestudents obtain the best education that Arizona has to offer, regardless ofwhether that is in a public or a private school.” “Today`s ruling, while disappointing to parents and school choice supporters,should not lend encouragement to special interest groups who believe litigatingagainst parents and depriving their children of educational options is somehowbeneficial. Siemens said late last year that total sectors profit –covering all the three main divisions — would be at 8.0-8.5billion euros ($10.90-11.58 billion) for its current year toend-September Race – understandingrace . The average Sooner play takes six seconds less that the average Gator play on offense.If Florida also ran this “speed-spread” offense, their scoring average would be 58 points per game, besting the Sooner’s record-breaking pace this year.Every system has loop-holes and can be “gamed” or exploited.Stoops and his disciples have cracked the BCS code by using high-tempo offenses. and Afghan forces have killed 30 Taliban fighters, including a local commander, in an operation in Afghanistan’s southern province of Helmand, the Interior Ministry said on Wednesday. Investors are cautioned that the following important factors, among others, mayaffect these forward-looking statements.