Moody's rates Hyva notes B1, cuts outlook

Moody's Investors Service said it affirmed Hyva Global BV's B1 corporate family rating and probability of default rating and assigned a definitive B1 rating to the $375 million senior secured notes.

At the same time, Moody's changed the outlook to negative from stable.

Moody's said the outlook change was prompted by the drop-off in demand in Hyva's key market China in the third quarter of 2011 driven by tighter policy measures, weakening demand conditions in Europe and by the group's negative operating cash flow generation in the third quarter.

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