Faurecia SE's Proposed €400 Million Senior Green Notes Rated 'BB'

PARIS (S&P Global Ratings) March 17, 2021--S&P Global Ratings today assigned its 'BB' issue rating and '3' recovery rating to Faurecia SE's (BB/Positive/--) proposed €400 million senior unsecured green notes due 2029. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. The proposed green notes will rank pari passu with Faurecia's existing unsecured debt. Auto parts manufacturer Faurecia will use the proceeds to finance or refinance eligible green projects. We expect that the proposed transaction will be almost neutral for the company's credit metrics because we assume that Faurecia's investments will not materially change from our current expectations. For more details on our base-case scenario assumptions, refer to

...March 17, 2021 PARIS (S&P Global Ratings) March 17, 2021--S&P Global Ratings today assigned its '##' issue rating and '3' recovery rating to Faurecia SE's (##/Positive/--) proposed 400 million senior unsecured green notes due 2029. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. The proposed green notes will rank pari passu with Faurecia's existing unsecured debt. Auto parts manufacturer Faurecia will use the proceeds to finance or refinance eligible green projects. We expect that the proposed transaction will be almost neutral for the company's credit metrics because we assume that Faurecia's investments will not materially change from our current expectations. For more details on our base-case scenario assumptions, refer to "Outlook On Auto Supplier Faurecia SE Revised To Positive On Earnings And Cash Flow Recovery Prospects; Affirmed At '##'," published March 15 2021, on RatingsDirect). Our '##'...

Ratings Action