Moody's rates Hella notes Ba1

Moody's Investors Service said it assigned a Ba1 (LGD3, 47%) rating to the €300 million fixed-rate notes issued by Hella KGaA Hueck & Co.

The outlook is stable.

The agency said Hella's Ba1 corporate family rating remains supported by a sound business profile and the company's sizeable aftermarket business, which has proven to be fairly resilient in the current downturn. Revenues in fiscal 2008/2009 declined by 17% to €3.3 billion driven by a severe cyclical downturn in the automotive industry, Moody's said, but the group achieved an operating result above breakeven, which the agency views positively given the challenging market environment.

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