Moody's rates Schaeffler notes B2

Moody's Investors Service said it assigned a B2 rating, with a loss given default assessment of LGD5-75%, to Schaeffler AG's proposed €1.5 billion of senior secured notes to be issued by Schaeffler Holding Finance BV.

Schaeffler's B1 corporate family rating and B1-PD probability of default rating are not affected. The outlook is positive.

Moody's said the B2 rating is one notch below the group's corporate family rating and reflects the legally and structurally subordinated position of these bonds compared to the debt which is located at the level of Schaeffler AG and its subsidiaries.

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