Moody’s gives Garrett Motion loans Ba3, notes B2

Moody's Investors Service said it assigned ratings to Garrett Motion Inc. and supported subsidiaries, including corporate family and probability of default ratings of Ba3 and Ba3-PD, respectively.

The agency also assigned a Ba3 senior secured bank facility rating and a B2 senior unsecured note rating.

The speculative grade liquidity rating is SGL-2.

The outlook is stable.

Garrett will be the newly named spin-off of Honeywell's Transportation Systems business.

“Garrett's Ba3 corporate family rating reflects the company's position as a leading supplier of highly-engineered turbocharger technologies with longstanding customer relationships to auto manufacturers,” the agency said in a news release.

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