The stable outlook reflects our view that, following extremely challenging market conditions in 2020, the recovery of key end-markets and tight cost controls will enable the IHO group to restore its FFO to debt to 20%-25% and adjusted debt to EBITDA to less than 4x over the next 12-18 months. We could lower our ratings on Schaeffler and the IHO group if Schaeffler's operating performance does not sufficiently recover from the trough in 2020, coupled with little or no dividend payments from Continental, such that the IHO group's FFO to debt remains below 15% and debt to EBITDA exceeds 4.5x in 2021. We could raise our rating if Schaeffler's operating performance improves such that the IHO group's FFO to debt
