Fitch Withdraws Ratings On ABC-NACO.Business Editors CHICAGO--(BUSINESS WIRE)--June 5, 2001 Fitch fitch: see polecat. has withdrawn its ratings on ABC-NACO Inc.'s (ABCR ABCR American Bashkir Curly Registry ABCR ATP-Binding Cassette Transporter, Retina-Specific ABCR As Built Configuration Report ABCR Association of British Cartridge Remanufacturers ABCR Aviary Bred, Close Ringed ) senior secured debt `B' and $75 million of senior subordinated notes `CCC'. The ratings, which had been downgraded from `BB-'/`B' in April 2001, were on Rating Watch Negative. On May 2, 2001, ABCR completed several actions intended to improve its capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. and short term liquidity, including the sale of the Flow and Specialty Products Division for $24 million, the issuance of $15 million of debt, and amending its bank agreement. In addition, as announced on May 21, ABCR obtained consent from holders of its senior subordinated notes to waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such defaults and amend provisions of the notes. Large losses in 2000, and the first quarter of 2001, had significantly weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. the company's financial and operating flexibility, prompting the company to take the steps mentioned above. Management continues to restructure the company to conserve cash and minimize losses until industry conditions improve.
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