Moody's changes Mahle view to negative

Moody's Investors Service said it changed the outlook on Mahle GmbH to negative from stable and affirmed the Ba1 corporate family rating, the senior unsecured Ba1 instrument rating, the (P)Ba1 senior unsecured euro medium-term note program rating and a Ba1-PD probability of default rating.

"The outlook change reflects the slower than expected recovery of global light vehicle sales and increasing uncertainty regarding macroeconmic growth from the second half of 2022 onwards, which results in weak margins and slightly elevated leverage for Mahle longer than we expected," said Matthias Heck, a Moody's vice president, senior credit officer and lead analyst for Mahle, in a press release.

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