Moody's rates Hyva, bonds B1

Moody's Investors Service said it assigned a B1 corporate family and probability of default ratings to Hyva Global BV, which was acquired in December by private equity investors and management with closing expected for March 2011.

The proposed $375 million of bonds to be issued by Hyva will be guaranteed on a senior secured basis by certain regional holding companies of the group, but not by Hyva China and Hyva India, the agency said.

Moody's also said it assigned a provisional B1 (LGD 4, 51%) rating to these proposed bonds.

The outlook is stable, reflecting Hyva's capacity for fast deleveraging as a result of substantial growth and profit opportunities in the company's developing market businesses, the agency said.

The ratings reflect the company's modest scale for a global company with revenues close to €500 million expected for 2010, risk concentrations with a narrow product focus and high exposure to the developing markets China and India, Moody's said.

The ratings are supported by the company's international presence with good growth opportunities in emerging markets, leadership in core markets and an established global service network, the agency said.

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