The Germany-based automotive component and systems and industrial bearings manufacturing group Schaeffler is raising less equity than initially planned. We are therefore removing the group and its debt from CreditWatch positive and affirming our 'BB-' corporate credit rating and 'BB-' and B' issue ratings. The stable outlook reflects our opinion that the group will maintain credit ratios commensurate with our 'BB-', on the back of strong operating performance in 2015-2016 and mid-single-digit revenue growth in 2016. On Oct. 15, 2015, Standard&Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Germany-based automotive component and systems and industrial bearings manufacturing group Schaeffler. The outlook is stable. In addition, we affirmed our 'BB-' issue ratings on the group's senior
