S&P revises Schaeffler view to negative

S&P said it revised the outlook for Schaeffler AG to negative from stable on the company’s downward revision of its revenue margin and EBIT margin guidance.

“The outlook revision reflects our view that Schaeffler might not be able to recover its profitability to about 15% in 2020-2021 following weaker automotive market conditions in 2019,” said S&P in a press release.

The agency affirmed the company’s BBB- long-term issuer rating and BBB- rating on its unsecured debt. S&P also affirmed the BB+ rating on IHO Verwaltungs' secured debt.

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