PARIS (S&P Global Ratings) Nov. 20, 2020--S&P Global Ratings said today that German auto and industrial supplier Schaeffler AG (BB+/Stable/--) could implement its recently announced restructuring programs without a material deviation from the projected credit metric trajectory thanks to stronger-than-anticipated free operating cash flow (FOCF) in 2020. We expect Schaeffler's cumulative FOCF for 2020-2022 to decrease by only about €200 million compared with our previous forecasts of about €1.2 billion. The restructuring plans will hamper Schaeffler's FOCF in 2021-2022, reducing room for operational missteps within the current rating. However, the company's good cost and cash discipline during the challenging first nine months of 2020 will help keep its credit metrics in line with our forecasts published July 20, 2020 (see
