Fitch rates Hyva, notes BB-

Fitch Ratings said it assigned Hyva Holding BV a long-term foreign-currency issuer default rating of BB- and a senior unsecured foreign-currency rating of BB-.

The agency also said it assigned Hyva Global BV's proposed senior secured dollar-denominated notes an expected rating of BB-.

The outlook is stable.

The notes will be guaranteed by Hyva and certain restricted subsidiaries.

The final rating is contingent upon the receipt of final documents conforming to information already received and the completion of the acquisition of Hyva by Hyva Global, expected by the end of March, Fitch said.

Hyva's credit profile is constrained by its small scale and increased leverage due to the proposed buyout by Hyva Global, the agency said.

But the ratings are supported by the company's leading market position in hydraulic front-end cylinders globally, geographical diversification and robust cash flow generation, Fitch added.

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