S&P puts Hayes Lemmerz on developing watch

Standard & Poor's said it placed on CreditWatch with developing implications the B corporate credit rating on Hayes Lemmerz International, Inc., along with the ratings on the company's subsidiaries.

The watch reflects news that Iochpe-Maxion SA's subsidiary, Iochpe Holdings LLC, signed an agreement to acquire Hayes Lemmerz for about $725 million.

Iochpe expects to close the purchase during the first half of 2012, subject to conditions and approvals.

The company is expected to continue to operate independently until the transaction is completed.

The agency said it might upgrade, downgrade or withdraw Hayes Lemmerz's ratings.

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