Moody’s also upgraded the issuance ratings for Schaeffler AG’s and Schaeffler Finance B.V.’s senior secured debt from Ba2 to Baa3 and for the senior unsecured debt from Ba3 to Baa3. The outlook on all ratings is stable.
Klaus Rosenfeld, CEO of Schaeffler AG, said: “We welcome the rating upgrade by Moody’s. It is proof of the strong operating business of Schaeffler AG and the significant improvement of our capital structure.”
Today’s rating decision by Moody’s is subject to the successful closing of the refinancing of the IHO Holding. The credit rating is a financial indicator for debt capital market investors to assess the repayment likelihood of liabilities.