...- Switzerland-based turbocharger maker Garrett Motion (Garrett) has successfully amended its covenants, and we expect free operating cash flow (FOCF) will swiftly recover in 2021 after a sharp deterioration of credit metrics in 2020 linked to the COVID-19 pandemic. - We believe that the amendments agreed with Garrett's lenders in June 2020 will enable the company to restore sufficient headroom under its covenants over the relief period running from second-quarter 2020 to second-quarter 2022. - We are therefore affirming our '##-' ratings on Garrett and its secured debt, as well as the 'B' issue ratings on its unsecured notes. We are removing all ratings from CreditWatch with negative implications. - The negative outlook reflects the risk of a downgrade if Garrett's S&P Global Ratings-adjusted FOCF to debt fails to recover to at least 10% in 2021, and we see a lack of substantial improvement in adjusted leverage from 2020 levels....
