U.S. automotive supplier Federal-Mogul Holdings Corp. has refinanced previously upcoming maturities at its subsidiary Federal-Mogul Corp., with a new $700 million term loan due 2018 and a new $1.9 billion term loan due 2021. We believe the transaction extends debt maturities and significantly reduces refinancing risk for the next few years. We are affirming the ratings, including the 'B' corporate credit rating, and revising our rating outlook on Federal-Mogul to stable from negative. We are also revising our rating outlook on subsidiary Federal-Mogul Corp. and are then withdrawing the ratings on the company, including the 'B' corporate credit rating. The stable outlook reflects our expectation that continued improvement in Federal-Mogul's operating performance will result in credit measures that are in
