Frankfurt am Main, July 13, 2012 -- Moody's Investors Service has today downgraded to B2 from B1 the corporate family rating (CFR) and probability of default rating (PDR) of Hyva Global B.V. (Hyva). Concurrently, the rating agency has downgraded to B2 from B1 the rating on Hyva's USD375 million of senior secured notes due 2016. The outlook on the ratings is stable.

Downgrades: ..Issuer: Hyva Global B.V..... Probability of Default Rating, Downgraded to B2 from B1

.... Corporate Family Rating, Downgraded to B2 from B1

....Senior Secured Regular Bond/Debenture, Downgraded to B2 (LGD4 - 51%) from B1 (LGD4 - 51%)

Outlook Actions: ..Issuer: Hyva Global B.V.....Outlook, Changed To Stable From Negative

RATINGS RATIONALE

"Today's rating action reflects our view that the difficult operating environment in China and the uncertain outlook for European truck demand will negatively affect Hyva's operating performance and credit metrics in the current financial year, with the result that they will no longer be commensurate with its previous rating," says Kathrin Heitmann, an Analyst in Moody's Corporate Finance Group and lead analyst for Hyva.

Moody's currently expects demand for Hyva's hydraulic cylinders in China to remain depressed by the weakness in the construction machinery sector at least through the second quarter of 2012. However, the rating agency believes that demand could stabilise in the second half of the year, with the potential for a modest recovery in 2013.

Against this, Moody's expects that Hyva will materially underperform against its business plan presented at the time of debt issuance, and that it will be unable to restore its debt/EBITDA ratio towards the 4.0x level factored into the rating. For 2011, Moody's estimates that Hvya had pro-forma leverage, measured by adjusted debt/EBITDA, of around 4.5x. Indeed, the rating agency forecasts that Hyva's leverage will remain at or above this level in the current financial year. This reflects continued revenue and earnings pressure, as well as only modest positive free cash flow generation should management be able to substantially reverse the build-up in its working capital in the first quarter. Such credit metrics position the company more adequately in the B2 rating category.

Hyva intends to concentrate its management team in China, reflecting its increased business focus on emerging markets in Asia, which fits well into management's strategy. In Moody's view, the relocation may affect the company's ability to effectively manage the cost-cutting necessary to respond to the slowdown in some of its markets, as well as to manage working capital swings. This view also takes into account the company's relatively small scale and the risk that competitive pressure in China might increase over time. Therefore, Moody's considers the company to be more vulnerable to cyclicality than at the time the rating agency assigned the B1 rating in 2011.

Moody's notes that, in the first quarter of 2012, Hyva's group revenues fell by 13% year-on-year to USD176 million, mainly as a result of a 34% year-on-year decline in revenues from China. Notably, revenues in China stabilised compared with the weak levels of the fourth quarter of 2011 (+13%). Revenues in the Europe, Middle East & Africa (EMEA) region remained stable and continued to grow by 7% year-on-year in India and the Americas during the same quarter.

As a result, the group's reported pro-forma EBITDA margin declined to 11.1% in the first quarter of 2012 from 13.1% in financial year (FY) 2011. More subdued demand and a seasonal working capital build-up led to negative free cash flow generation of USD17 million during the first quarter.

Hyva's ratings reflect the company's (1) modest scale, with revenues of around USD767 million pro-forma FY 2011 results; (2) exposure to the inherent cyclicality of the commercial vehicle and construction equipment industry; (3) concentration of risk, with a narrow product base and a high exposure to the developing markets of China and India; and (4) relatively high leverage pro-forma December 2011 figures, with adjusted debt/EBITDA of around 4.5x.

However, Hyva's ratings continue to be supported by the company's (1) international presence, with a strong footprint in emerging markets in Asia and the Americas; (2) leadership in core markets based on market share, brand, product, efficiency and reliability, as well as by an established global service network; (3) flexible cost base, with low operating leverage; and (4) balanced debt maturity profile, with no material debt maturing before 2015.

Hyva's liquidity includes a current cash balance of USD67 million at 31 March 2012 and a committed revolving credit facility (RCF) of USD30 million due 2015. Seasonal working capital movements, while negatively affected by the current slowdown in China, remain sufficiently covered by cash on the balance sheet and access to the revolving credit facility. However, Moody's cautions that currently significant headroom under financial covenants (leverage, cash flow cover) could diminish if Hyva's operating performance and cash flow generation capacity continue to deteriorate.

The stable rating outlook is based on Moody's expectation that Hyva will be able to maintain current credit metrics despite some headwinds from subdued demand in China and macroeconomic uncertainty. The stable outlook also incorporates Moody's view that Hyva will maintain an adequate liquidity profile with sufficient headroom under financial covenants.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could consider upgrading Hyva's rating if the company were to (1) generate consistently positive free cash flow and achieve debt/EBITDA at or below 4.0x; (2) maintain a conservative financial policy and adequate short-term liquidity profile; (3) successfully manage the transfer of certain corporate functions to China and maintain strict control of operations.

Conversely, downward pressure on the rating could arise if there were a further deterioration in Hyva's operating performance or the company were to engage in a more aggressive financial policy that results in (1) Moody's-adjusted debt/EBITDA above 5.0x for a prolonged period of time; (2) negative free cash flow; or (3) reduced covenant headroom.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Hyva Global B.V. was the Global Heavy Manufacturing Rating Methodology published in November 2009. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Hyva is a leading global provider of hydraulic (tipping) solutions for the commercial vehicle industry. Hyva is also an important player in the manufacturing and supply of truck-mounted cranes, hook and skip loaders, as well as compactors and waste-collecting units for the environmental services industry. For the financial year ended 31 December 2011, Hyva reported pro-forma revenues of USD767 million. Hyva is majority-owned by private equity funds managed by Unitas Capital and NWS Holdings, a flagship infrastructure arm of New World Group.

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Kathrin Heitmann Analyst Corporate Finance Group Moody'sDeutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Matthias Hellstern Associate Managing Director Corporate Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Deutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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