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Moody's lowers HLI Operating
Moody's Investors Service said it lowered the corporate family and probability of default ratings of HLI Operating Co., Inc., a wholly owned subsidiary of Hayes Lemmerz International, to Caa1 from B3.
Moody's said it also lowered the following ratings: HLI Operating Co.'s senior secured bank facilities to B3 from B2; and Hayes Lemmerz Finance's (Luxembourg Sarl) secured term loan and synthetic letter of credit facility to B3 from B2, and its senior unsecured notes to Caa3 from Caa2.
The ratings remain under review for further downgrade.
The corporate family rating of Caa1 reflects Moody's view that the company's credit metrics will no longer be supportive of the prior rating given the dramatic decline in global automotive production resulting for deteriorating economic conditions.
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