We are assigning our preliminary 'BB-' issuer credit rating to U.S.-based Garrett Motion Inc. a spin-off from U.S.-based Honeywell International Inc. Garrett is a leading supplier of diesel and gasoline turbochargers to the global automotive industry. We expect Garrett to continue developing alternative products such as e-boosting technologies for hybrid vehicles. The stable outlook on Garrett reflects our expectation that management will continue to successfully operate the company after the spin-off, maintaining both EBITDA margins and adjusted funds from operations (FFO) to debt around 20%. On Aug. 30, 2018, S&P Global Ratings assigned its preliminary 'BB-' long-term issuer credit rating to U.S.-based auto supplier Garrett Motion Inc. The outlook is stable. At the same time, we assigned our preliminary 'BB-'
