Moody's rates Schaeffler notes Baa3

Moody's Ratings said it expects to assign a Baa3 instrument rating to Schaeffler AG's planned euro-denominated senior unsecured benchmark size notes under its debt issuance program.

“The expected Baa3 instrument rating on the new senior unsecured notes would be in line with Schaeffler's Baa3 long-term issuer rating and the Baa3 instrument ratings on the group's outstanding senior unsecured notes due 2024, 2025, 2026, 2027, 2028 and 2029,” the agency said in a statement.

Schaeffler will use the proceeds to refinance an outstanding €370 million bridge facility that the group secured for the acquisition of shares in Vitesco Technologies Group AG and for general corporate purposes.

The outlook is stable.

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