Standard & Poor's upgrades Schaeffler to BB+

The rating agency Standard & Poor’s has upgraded Schaeffler’s long-term corporate credit rating to BB+ from BB. The rating upgrade reflects the recent refinancing of IHO Holding and subsequently the intended reduction of indebtedness at Schaeffler AG of approximately EUR 1.7 bn. Standard & Poor’s also upgraded the issue ratings of Schaeffler Finance B.V.’s senior secured notes to BB+ from BB. Schaeffler AG’s stand-alone credit profile was revised upwards to bbb- from bb+. The outlook on all ratings is stable. Klaus Rosenfeld, CEO of Schaeffler AG, said: “We are pleased about the decision of Standard & Poor’s to upgrade Schaeffler AG’s rating. This is another step in the right direction.” The credit rating is a financial indicator for debt capital market investors to assess the repayment likelihood of liabilities.