...May 16, 2024 PARIS (S&P Global Ratings) May 16, 2024--S&P Global Ratings today raised to '##' from '##-' its issue rating on Garrett Motion's secured debt. We also removed the rating from CreditWatch with positive implications, where we placed it on May 6, 2024. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded 85%) recovery for the secured lenders in the event of a payment default. The rating action follows the company's plans to use the proceeds from its new upsized $800 million unsecured notes, rated 'B' with a '6' recovery rating, to repay its 2023-2028 dollar facility and to pay $400 million of its 2021-2028 euro facility. The lower amount of secured debt, combined with the addition of unsecured debt that ranks behind the secured debt in the debt waterfall, has improved recovery prospects for secured lenders. Our long-term issuer credit rating on Garrett Motion remains '##-'. For the complete issuer credit rating rationale, see "Auto Supplier Garrett...
