We are assigning our 'BB+' long-term corporate credit ratings to France-based tier 1 auto supplier Faurecia S.A. Faurecia designs, manufactures, and assembles auto components, including seating systems, cockpits, door panels, and emissions control systems. The stable outlook reflects our view that Faurecia will gradually improve its profitability, with an S&P Global Ratings-adjusted EBITDA margin widening toward 9% in 2018 and funds from operations to adjusted debt within the 35%-40% range. On Jan. 31, 2018, S&P Global Ratings assigned its 'BB+' long-term corporate credit rating to France-based auto supplier Faurecia S.A. The outlook is stable. We also assigned our 'BB+' issue rating to Faurecia's €700 million 3.125% senior unsecured notes due 2022, its €700 million 3.625% senior unsecured notes due 2023,
