Given Switzerland-based turbocharger maker Garrett Motion's announcement that it is exploring alternatives for balance sheet restructuring to protect its competitive position, we see a markedly higher risk of default under our definitions compared with our previous expectations. At this stage, we are maintaining our base case for Garrett Motion for fiscal years 2020 and 2021, despite uncertainty on the recovery of auto demand and production. We have no immediate concerns on liquidity and refinancing owing to the manageable debt maturity profile. We are lowering our issuer credit ratings and secured debt ratings on Garrett Motion Inc. to 'B' from 'BB-' and our unsecured debt ratings to 'CCC+' from 'B'. At the same time, we are placing all ratings on CreditWatch
