Moody’s upgrades Schaeffler

Moody’s Investors Service said it upgraded Schaeffler AG’s corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD.

Moody’s also said it confirmed Schaeffler’s and Schaeffler Finance BV’s senior secured debt ratings of Ba2 and senior unsecured debt ratings of B1 and upgraded the junior debt ratings of Schaeffler Holding Finance BV to Ba3 from B1.

The outlook is stable.

The upgrade reflects improved leverage enabled by the company’s initial public offering as well as management’s commitment for further de-leveraging, Moody’s said.

The upgrade also considers Schaeffler’s solid business profile and increased flexibility driven by healthy share price development at Continental AG over the last two years, the agency said.

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