NEW YORK (Standard&Poor's) Sept. 4, 2014--Federal-Mogul Holdings Corp.'s announcement that it intends to spin off its Motorparts division to its existing shareholders, including its majority owner Carl Icahn, does not currently affect our 'B' corporate credit rating or stable outlook on the company. Completion of the transaction is subject to customary conditions, including that the distribution will qualify as a transaction that is generally tax-free. The company's objective is to complete the spin-off of Federal-Mogul Motorparts in the first half of 2015. Pro forma for the spin-off, we expect Federal-Mogul's business risk profile will remain "weak." The spin-off will likely result in a new capital structure for Federal-Mogul, and we will reassess the company's financial risk profile as
