On Sept. 20, Switzerland-based Garrett Motion Inc. filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. As a result, on Sept. 24, 2020, S&P Global Ratings lowered its long-term issuer credit ratings on Garret to 'D' (default) from 'B' and is removing them from CreditWatch where we placed them with negative implications on Sept. 4, 2020. At the same time, we are lowering all issue level ratings to 'D', namely the secured facilities consisting in term loan A, B, revolving credit facility, and the unsecured senior notes, and removing the ratings from CreditWatch with negative implications. The downgrade follows Garrett's Chapter 11 bankruptcy filing. We understand the filing resulted from potential long-term inability to sustain increasing research
