Moody’s affirms Federal-Mogul

Moody's Investors Service said it affirmed Federal-Mogul Holdings Corp.’s corporate family rating and probability of default rating at B2 and B2-PD, respectively.

In a related action, the agency affirmed the Ba2 rating on the senior secured asset based revolver and the B1 ratings on the senior secured term loans.

The outlook is stable.

The speculative grade liquidity rating is SGL-3.

Moody’s said the affirmation reflects its expectation that ongoing improvements in operating performance will reduce Federal-Mogul’s high leverage and produce nominally positive free cash flow in 2016.

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