Moody's lifts Hayes Lemmerz

Moody's Investors Service said it raised the ratings of HLI Operating Co., Inc.'s corporate family and probability of default ratings to B2 from B3, along with its $80 million senior secured new money term loan facility to B1 (LGD 3, 35%) from B2 (LGD 3, 35%).

HLI is the United States operating company of Hayes Lemmerz International, Inc.

The agency also said it raised the $120 million term loan of Hayes Lemmerz Finance LLC - Luxembourg SCA to B1 (LGD 3, 35%) from B2 (LGD 3, 35%).

The outlook is stable.

The upgrade reflects the company's better than anticipated operating performance since emerging from Chapter 11 in December 2009, Moody's said.

The company's performance also benefitted from a better product mix in the first half of 2010, the agency said, and strong automotive exports from Europe.

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