Press Release

2018-Mar-22

Deleveraging Strategy Confirmed: S&P Upgrades ZF To Investment Grade

  • Standard & Poor’s rates ZF BBB– with a stable outlook
  • Second rating agency after Moody’s gives ZF positive assessment

Friedrichshafen. Standard & Poor’s has upgraded ZF to the investment grade with a BBB– rating, thereby acknowledging the positive development of ZF Friedrichshafen AG. ZF presented the figures for 2017 today, posting record sales of €36.4 billion and an adjusted EBIT of €2.3 billion. In addition, ZF has further considerably reduced the net debt from the acquisition of TRW Automotive in 2015 to €5.1 billion, which is almost half of the original amount.

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Deleveraging Strategy Confirmed: S&P Upgrades ZF To Investment Grade

Already at the end of 2017, the other leading rating agency Moody’s had positively rated ZF’s development and upgraded the company to investment grade Baa3 with a stable outlook. Chief Financial Officer Dr. Konstantin Sauer: “The rating confirms our course to invest more into the future on the one hand as well as maintain and strengthen our financial independence on the other.”

CONTACT

Andreas Veil

Head of Business Press and Finance Communications

+49 7541-77 7925

andreas.veil@zf.com

Thomas Wenzel

Director Global Corporate Communications

+49 7541 77-2543

thomas.wenzel@zf.com