| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for IHO Verwaltungs GmbH > News item |
S&P cuts Schaeffler
S&P said it lowered the long-term issuer rating on Schaeffler AG and parent IHO Verwaltungs to BB+ from BBB-, the issue rating on Schaeffler’s unsecured debt to BB+ from BBB- and the issue rating on IHO’s secured debt to BB- from BB+.
S&P also removed all of the ratings from CreditWatch with negative implications. The ratings have been on watch since April 3.
“Schaeffler’s earnings and cash flow will deteriorate materially in 2020 as Covid-19 affects all segments. We project that the company’s sales will decline by 16%-18% in 2020, following extensive lockdowns globally in first-half 2020. We believe that the auto OEM segment, which accounts for about 63% of total sales, will suffer the most,” the agency said in a press release.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.