Moody's assigns a B2 rating to Schaeffler's proposed Senior Secured Notes (Moody's Corporation)

(Source: Moody's Corporation) Frankfurt am Main, July 17, 2013 -- Moody's Investors Service today has assigned a B2 rating, with a loss given default (LGD) assessment of LGD5 75%, to Schaeffler's proposed EUR1.5 billion of Senior Secured Notes to be issued by Schaeffler Holding Finance B.V. Schaeffler's B1 corporate family rating (CFR) and B1-PD probability of default rating (PDR) are not affected. The outlook on all ratings is positive. RATINGS RATIONALE Proceeds from Schaeffler's announced debt issuance will be used to completely refinance its existing junior indebtedness (i.e. Junior Term Loans, Junior Zero Coupon Bond and Junior RCF). The B2 rating assigned to the senior...