Klaus Rosenfeld, CEO of Schaeffler AG, said: "We welcome the rating upgrade by Moody's. It is proof of the strong operating business of Schaeffler AG and the significant improvement of our capital structure."
Today's rating decision by Moody's is subject to the successful closing of the refinancing of the IHO Holding. The credit rating is a financial indicator for debt capital market investors to assess the repayment likelihood of liabilities.
The Schaeffler Group is a leading global integrated automotive and industrial supplier. The company stands for the highest quality, outstanding technology, and strong innovative ability. The Schaeffler Group makes a key contribution to "Mobility for tomorrow" with high-precision components and systems in engine, transmission, and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The technology company generated sales of approximately EUR 13.2 billion in 2015. With around 85,000 employees, Schaeffler is one of the world's largest family companies and, with approximately 170 locations in over 50 countries, has a worldwide network of manufacturing locations, research and development facilities, and sales companies.
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