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TRAVERSE CITY, Mich. (AP) - Auto parts supplier Delphi Corp. said Friday it's dipping into its credit line to finance operations, raising speculation it may declare bankruptcy if restructuring talks with General Motors Corp. and the United Auto Workers union are unsuccessful.
Standard and Poor's Ratings Services, Fitch Ratings and Moody's Investors Service all lowered Delphi's credit rating further into "junk" status on the news. S&P said Troy, Mich.-based Delphi has total debt of about $4 billion and total unfunded pension and retirement liabilities of about $14.5 billion.
Delphi shares fell 82 cents, or 14 percent, to close at $4.96 Friday on the New York Stock Exchange. The stock has traded in a range of $3.20 to $9.63 in the past year.
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