Fitch Withdraws Spansion's Ratings.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has withdrawn the following ratings on Spansion Inc. (Spansion): --Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) 'D'; --$175 million senior secured revolving credit facility (RCF RCF Remote Call Forwarding RCF Residential Care Facility RCF Relative Centrifugal Force RCF Rolling Contact Fatigue RCF Refractory Ceramic Fiber RCF Revolving Credit Facility RCF Rock Characterisation Facility RCF Registration Confirm RCF Retained Cash Flow ) due 2010 'CC/RR3'; --$625 million senior secured floating rating notes due 2013 'CC/RR3'; --$225 million of 11.25% senior unsecured notes due 2016 'C/RR6'; and --$207 million of 2.25% convertible senior subordinated debentures due 2016 'C/RR6'. Fitch downgraded Spansion's IDR to 'D' on Feb. 18, 2009, following the company's failure to cure its missed senior unsecured interest payment on Jan. 15, 2009 within the 30 days prescribed by the associated bond indenture. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. The issuer did not participate in the rating process other than through the medium of its public disclosure. |
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