The Germany-based automotive component and systems and industrial bearings manufacturing group Schaeffler reorganized its group structure in late 2014, and Schaeffler AG (formerly INA Beteiligungs GmbH) is the new company heading operating activities. We are assigning our 'BB-' corporate credit rating to the new operating company, Schaeffler AG, and affirming our other ratings on the Schaeffler group and its debt. The stable outlook reflects our view that the Schaeffler group will be able to maintain a strong operating performance in 2015-2016, including a Standard&Poor's-adjusted EBITDA margin near 18% and slightly positive free operating cash flow. On July 23, 2015, Standard&Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to Schaeffler AG (formerly INA Beteiligungs GmbH),
