FRANKFURT (S&P Global Ratings) July 25, 2016--S&P Global Ratings today affirmed its 'BB' issue ratings on the senior secured debt instruments issued by Schaeffler Finance B.V., a fully-owned finance subsidiary of Schaeffler AG. The recovery rating on these debt instruments remains unchanged at '3', indicating that we expect recovery prospects to be in the lower half of the 50%-70% range. At the same time, we affirmed our 'B+' issue ratings on Schaeffler Finance B.V.'s €500 million senior unsecured notes due 2019 and on all Schaeffler Holding Finance B.V.'s junior pay-in-kind (PIK) debt instruments. The '6' recovery rating reflects our expectation of negligible (0%-10%) recovery in the event of a payment default. We also affirmed our 'BB' issue ratings on the
