Standard & Poor's upgrades Schaeffler to BB+
The rating agency Standard & Poor¡¯s has upgraded Schaeffler¡¯s long-term corporate credit rating to BB+ from BB. The rating upgrade reflects the recent refinancing of IHO Holding and subsequently the intended reduction of indebtedness at Schaeffler AG of approximately EUR 1.7 bn.
Standard & Poor¡¯s also upgraded the issue ratings of Schaeffler Finance B.V.¡¯s senior secured notes to BB+ from BB. Schaeffler AG¡¯s stand-alone credit profile was revised upwards to bbb- from bb+. The outlook on all ratings is stable.
Klaus Rosenfeld, CEO of Schaeffler AG, said: ¡°We are pleased about the decision of Standard & Poor¡¯s to upgrade Schaeffler AG¡¯s rating. This is another step in the right direction.¡±
The credit rating is a financial indicator for debt capital market investors to assess the repayment likelihood of liabilities.
23 Sep,2016
