Clearwater has advised the German automotive systems and components supplier MAHLE GmbH (MAHLE) on its inaugural rating. Despite the ongoing fundamental changes in the automotive industry compounded by the coronavirus pandemic, the outcome of the corporate family rating assigned by Moody's Investors Service was Ba1 with a stable outlook.
MAHLE is a top 25, worldwide leading Tier I German automotive systems and components supplier, headquartered in Stuttgart, Germany. MAHLE is pursuing a dual strategy of strengthening existing market positions in combustion engine and filtration related product segments while shaping the future of mobility through investments in thermal management applications, electrification-oriented mechatronics, electronics systems and components. The foundation-backed group employs approximately 77,000 people and generated revenues of approximately €12bn in 2019.
Through the assignment of a rating, MAHLE intends to further strengthen its position in the international debt capital markets as a strong borrower in its industry. The rating is essentially based on MAHLE’s top three market position across its relevant product lines, its broadly diversified customer portfolio, proactive comprehensible dual strategy, conservative financial policy and superior liquidity.
