...November 2, 2021 PARIS (S&P Global Ratings) Nov. 2, 2021--S&P Global Ratings today assigned its '##' issue rating and '3' recovery rating to auto parts manufacturer Faurecia SE's (##/Positive/--) proposed 1 billion senior unsecured notes due 2027. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. The proposed notes will rank pari passu with Faurecia's existing unsecured debt. Faurecia will use the proceeds to finance its acquisition of Hella, which it expects to close in early 2022, and keep them on its balance sheet until completion. If the Hella acquisition does not finalize as currently anticipated due to regulatory reasons, Faurecia would use the proceeds to redeem some of its debt. Faurecia's ability to achieve our base-case expectations for 2022 and 2023 (see "Auto Supplier Faurecia '##' Ratings Affirmed On Hella Acquisition; Outlook Positive," published Aug. 18, 2021, on RatingsDirect), will...
