Turbocharger Manufacturer Garrett Motion Inc. Assigned 'BB-' Rating; Outlook Stable

We are assigning our '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%. MILAN (S&P Global Ratings) Nov. 12, 2018--S&P Global Ratings said today that it assigned its 'BB-' long-term issuer credit rating to U.S.-based auto supplier Garrett Motion Inc. The outlook is stable. At the same time, we

...+ We are assigning our '##-' 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%. MILAN (S&P Global Ratings) Nov. 12, 2018--S&P Global Ratings said today that it assigned its '##-' 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 '##-' issue rating and '3' recovery rating to the senior secured facilities all guaranteed by Garrett Motion Inc. (including the 430 million multicurrency revolving credit...

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