Moody's lifts Valeo

Moody's Investors Service said it upgraded Valeo SA's corporate family rating to Ba1 from Ba2.

The outlook is stable.

Falk Frey, lead analyst for Valeo, said: "The upgrade reflects the sizeable achievements in adjusting the company's cost base and improvements in its operating footprint."

Frey went on: "Financial results for the first half of 2010 evidence the company's progress ahead of expectations incorporated in the previous rating. Although the phase-out of scrapping schemes across Europe will adversely affect Valeo, the agency said it expects the company to meet financial ratios in line with a Ba1 rating in 2010."

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