Moody’s rates ZF Friedrichshafen notes Ba2

Moody’s Investors Service said it assigned a Ba2 corporate family rating and Ba2-PD probability of default rating to ZF Friedrichshafen AG.

Moody’s also said it assigned a Ba2 rating (LGD 4, 51%) to the planned issuance of about €1.5 billion senior unsecured guaranteed notes to be issued by ZF North America Capital, Inc.

The outlook is positive.

The ratings balance the combined entity’s strong business profile with a leading market position in the global automotive supply industry and sizable non-auto OEM business, Moody’s said.

The ratings also consider the group’s high innovation rate, solid liquidity profile and the company’s conservative financial policy, the agency said.

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