Moody’s rates ZF Europe Finance notes Baa3

Moody’s Investors Service said it assigned a Baa3 rating to the new senior unsecured notes issued by ZF Europe Finance BV, a wholly owned subsidiary of ZF Friedrichshafen AG.

The new notes will be guaranteed by ZF and are therefore rated in line with ZF’s Baa3 long-term issuer rating. They also rank pari passu with the existing senior unsecured bonds issued by ZF North America Capital, Inc. and TRW Automotive Inc., all rated Baa3, the agency said.

The ratings and the negative outlook of ZF Friedrichshafen AG, ZF North America Capital, Inc. and TRW Automotive Inc. are unchanged, Moody’s said.

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