The Germany-based automotive component and systems and industrial bearings manufacturing group Schaeffler has announced an equity transaction to reduce leverage. If the equity transaction is successful, we expect the group's projected financial credit metrics to improve. We are therefore placing our 'BB-' long-term corporate credit ratings on the group, and all existing 'BB-' and 'B' issue ratings, on CreditWatch positive. The CreditWatch reflects our view that we will likely raise our ratings on the Schaeffler group by a single notch, if the recapitalization is implemented as proposed. On Sept. 21, 2015, Standard&Poor's Ratings Services placed its 'BB-' corporate credit ratings on the members of the Germany-based automotive component and systems and industrial bearings manufacturing group Schaeffler on CreditWatch
