Fitch downgrades Hyva

Fitch Ratings said it downgraded Hyva Global's long-term issuer default rating and senior unsecured debt rating to B from B+.

The outlook is negative.

Fitch also said it downgraded Hyva's dollar-denominated senior secured notes due 2016 to B from B+. The notes are guaranteed by Hyva Holding BV and certain restricted subsidiaries.

The agency also said it downgraded Hyva Holding's long-term issuer default and senior unsecured debt ratings to B from B+ and withdrew the subsidiary's ratings.

The outlook is negative.

The withdrawal is due to the reorganization of the Hyva Group following the acquisition of Hyva Holding by Hyva Global in 2011, Fitch said.

The downgrades reflect the slowdown in the company's key markets, the agency said. A slump in demand for heavy duty trucks, which started in the second half of 2011 due to weak economic growth, continued throughout 2012 across all regions, Fitch said.

The ratings are supported by the company's strong market presence in its niche markets and well-diversified geographical sales base, the agency said.

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