Moody's ups Viasystems

Moody's Investors Service said it upgraded Viasystems, Inc.'s corporate family and probability of default ratings to B2 from B3, along with the rating on its $220 million 12% senior secured notes due January 2015 to B2 (LGD 4, 50%) from B3 (LGD 3, 44%).

Viasystems is a wholly owned subsidiary of Viasystems Group, Inc.

The outlook is positive.

The upgrade reflects the company's improved operating performance and realized benefits from the integration of the February 2010 acquisition of Merix Corp., Moody's said.

The ratings also consider the company's continued improvement in factory utilization, improved global demand across end markets and a favorable product mix, the agency said.

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