U.S. automotive supplier Federal-Mogul Holdings Corp. plans to issue a $500 million term loan due 2018 and a $2.1 billion term loan due 2021 to refinance its existing debt. We are assigning parent company Federal-Mogul Holdings Corp. our 'B' corporate credit rating (at the same level as our rating on subsidiary Federal-Mogul Corp.). In addition, we are assigning issue-level and recovery ratings to Federal-Mogul Holdings Corp.'s proposed debt. The negative outlook reflects our view that the company needs to address all upcoming maturities to retain the current rating. However, we expect to revise our outlook to stable upon closing of this proposed transaction, which would extend maturities and significantly reduce refinancing risk for the next few years. On March 25,
