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S&P: Schaeffler, IHO Verwaltungs to positive
S&P said it revised its outlook on Schaeffler AG and its holding company IHO Verwaltungs GmbH to positive from stable.
The agency also affirmed the BB+ long-term corporate credit rating on both entities.
At the same time, S&P affirmed the BB+ issue ratings on Schaeffler Finance BV's €500 million 3½% senior secured notes due 2022, €400 million 2½% senior secured notes due 2020, $600 million 4¾% senior secured notes due 2023 and €600 million 3¾% senior secured notes due 2025.
The recovery rating is 3, reflecting expectations of meaningful recovery (50%-70%; rounded estimate: 65%), in the event of a payment default.
The agency also affirmed the BB- issue ratings on IHO Verwaltungs's payment-in-kind toggle notes. The recovery rating is 6, indicating expectations of negligible (0%-10%, rounded estimate: 0%) recovery.
“The outlook revision follows the IHO group's continuous deleveraging,” S&P said in a news release.
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