S&P lifts Hyva view to stable

Standard & Poor’s said it revised the outlook on Hyva Global BV to stable from negative.

The agency also said it revised the long-term Greater China regional scale rating on the company to cnB from cnB- and affirmed its B- long-term corporate credit rating.

S&P then withdrew all of the ratings at the company’s request.

The outlook revision reflects the refinancing of Hyva’s dollar bond completed in September 2015, which materially alleviated the pressure on its liquidity position, the agency said.

The bond was refinanced through a combination of $175 million syndicated loan and equity contributions and loans from Hyva’s major shareholders, S&P said.

Following the bond refinancing, Hyva’s total debt dropped significantly to about $250 million from $375 million, the agency added.

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