Germany-Based ZF Friedrichshafen Assigned 'BB' Long-Term Rating Following Proposed Bond Issue; Outlook Stable - S&P Global Ratings’ Credit Research

Germany-Based ZF Friedrichshafen Assigned 'BB' Long-Term Rating Following Proposed Bond Issue; Outlook Stable

Germany-Based ZF Friedrichshafen Assigned 'BB' Long-Term Rating Following Proposed Bond Issue; Outlook Stable - S&P Global Ratings’ Credit Research
Germany-Based ZF Friedrichshafen Assigned 'BB' Long-Term Rating Following Proposed Bond Issue; Outlook Stable
Published Apr 10, 2015
Published Apr 10, 2015
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

German automotive component supplier ZF Friedrichshafen (ZF) has reached a definite agreement to acquire U.S.-based auto component supplier TRW Automotive for €9.6 billion, plus the assumption of TRW's debt, in a fully debt-funded transaction. ZF has announced plans to issue approximately €1.5 billion in Eurobonds. We are therefore assigning our 'BB' long-term rating to ZF. We are also assigning our 'BB' issue rating to the proposed senior unsecured Eurobonds, with a recovery rating of '3'. The stable outlook reflects our view that ZF's earnings and cash flow from ongoing operations, including the TRW business, should be sufficient to stay in our financial risk profile category of "aggressive" over our 2015-2016 forecast horizon. FRANKFURT (Standard&Poor's) April 10, 2015--Standard&

  
Report Type:

Ratings Action

Issuer
ZF Friedrichshafen AG
GICS
Auto Parts & Equipment (25101010)
Sector
Global Issuers
Country
Germany
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:
S&P Global Ratings’ Credit Research. "Germany-Based ZF Friedrichshafen Assigned 'BB' Long-Term Rating Following Proposed Bond Issue; Outlook Stable" Apr 10, 2015. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Germany-Based-ZF-Friedrichshafen-Assigned-BB-Long-Term-Rating-Following-Proposed-Bond-Issue-Outlook-Stable-1393287>
  
APA:
S&P Global Ratings’ Credit Research. (). Germany-Based ZF Friedrichshafen Assigned 'BB' Long-Term Rating Following Proposed Bond Issue; Outlook Stable Apr 10, 2015. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Germany-Based-ZF-Friedrichshafen-Assigned-BB-Long-Term-Rating-Following-Proposed-Bond-Issue-Outlook-Stable-1393287>
  
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