We currently believe that Navistar will resolve the potential default well before the 60-day cure period ends. If it appears that the company will be unable to resolve this potential default quickly, or if the company's liquidity were to become a concern, a multiple-notch downgrade is possible.
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Ratings on Horizon Lines reflect its aggressive financial profile, modest financial flexibility, participation in the capital-intensive and competitive shipping industry, and an aging fleet.Eric Ballantine
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