With more capacity cuts looming and financial metrics still under strain, the North American refining industry remains a credit risk, reports Fitch Ratings.Although Fitch analysts see "glimmers of improvement," global product markets remain oversupplied because of a weak recovery in demand and capacity expansions completed or expected worldwide."From a credit perspective, the question of who makes capacity cuts to balance the market remains a key issue," write analysts Mark C. Sadeghian, Sean T. Sexton, and Adam M. Miller, in the Fitch Ratings Chicago office.Capacity expansions include 180,000 b/d by Marathon Oil Corp. at Garyville, La., 580,000 b/d by Reliance Industr...