Moody's cuts HLI

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 Caa3 from Caa1.

Moody's said it also lowered the following ratings: HLI Operating Co.'s senior secured bank facilities to Caa2 from B3; and Hayes Lemmerz Finance's secured term loan and synthetic letter of credit facility to Caa2 from B3 and its senior unsecured notes to Ca from Caa3.

The ratings remain under review for further downgrade.

The corporate family and probability of default rating of Caa3 reflects Moody's view that Hayes Lemmerz's current circumstances are indicative of a higher risk of default than indicated under the previous rating.

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