Moody’s upgrades Schaeffler AG to Ba2

2015-10-12 | Herzogenaurach

The rating agency Moody’s Investors Service (Moody’s) has upgraded Schaeffler AG’s corporate family rating (CFR) to Ba2 from Ba3 and the probability of default rating (PDR) to Ba2-PD from Ba3-PD. The rating upgrades reflect the envisaged deleveraging of indebtedness at Schaeffler AG, stemming from the proceeds of the successful listing of Schaeffler AG shares at the Frankfurt Stock Exchange on October 9, 2015.

Concurrently, Moody’s confirmed Schaeffler AG’s and Schaeffler Finance B.V.’s senior secured debt ratings of Ba2 and senior unsecured debt ratings of B1. The outlook on all ratings is stable.

Dr. Ulrich Hauck, CFO of Schaeffler AG, said: “We welcome the rating upgrade by Moody’s. It confirms that we are on the right track with the enhancement of our capital structure.”

The credit rating by Moody’s is a financial indicator to investors and potential investors of debt securities such as bonds to assess the likelihood the debt will be repaid.