German automotive component supplier ZF Friedrichshafen further improved its credit ratios in 2016, a trend which we expect to continue in 2017. If this improvement is sustained, it could support a higher rating. We are therefore revising our outlook on ZF Friedrichshafen to positive from stable and affirming our 'BB+' corporate credit rating. The positive outlook indicates that we might raise the ratings by one notch over the next year if ZF maintains its financial policy framework, and if we expect our ratio of funds from operations to adjusted debt to remain consistently above 30%. On April 21, 2017, S&P Global Ratings revised its outlook on Germany-based automotive component supplier ZF Friedrichshafen AG (ZF) to positive from stable. At the
