Moody's lifts Schaeffler

Moody's Investors Service said it upgraded the corporate family and probability of default ratings of Schaeffler AG to B1 from B2.

Concurrently, Moody's upgraded Schaeffler's senior secured notes from B1 to Ba3, with a loss given default assessment of LGD3 38%, and the company's syndicated senior term loan facility C2 to Ba3, LGD3 38%.

The outlook was changed to positive from stable.

"Today's rating action has been triggered by the disposal of 10.4% shares in Continental AG held by two independent banks and the transfer of the net proceeds of around €1.6 billion to Schaeffler Verwaltungs GmbH," Moody's senior vice president and lead analyst for Continental Falk Frey said in a news release.

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