Moody's confirms Hella rating as Ba1/stable
Article of 18.09.2009
Lippstadt, September 18, 2009. Following publication of the preliminary
figures for Hella KGaA Hueck & Co. last Tuesday, the international rating
agency Moody's confirmed its rating and its forecast for Hella as "Ba1/stable".
With this, Moody's is emphasizing that the results published are in line with
the expectations and current evaluation. "We note positively that the reported
operating result (EBIT) could be maintained above break-even levels despite the
recessionary environment," said Rainer Neidnig, Lead Analyst at Moody's,
commenting on Hella's preliminary figures. According to Moody's, this is due on
the one hand to the less cyclical Hella aftermarket business with automotive parts
and accessories, and on the other to the actions Hella has taken to counteract
the market downswing and achieved operational improvements. Moody's also positively
evaluated the fact that Hella successfully refinanced the 650 million euro syndicated
credit due in August 2010 early through a new credit line ("Forward Start
Facility") with a volume of 550 million euro. Moody's thus considers the
company to have adequate liquidity and confirms the existing Ba1 rating with a
stable outlook for Hella.
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