Moody’s Reacted to MAHLE as Expected

However, Moody’s does not speak of the weakness in leadership and the lack of a forecast.

On April 25, 2022, it was reported on RATING©WATCH that Moody’s had to take a closer look at MAHLE’s rating: After the Departure of the CEO, MAHLE Does Not Dare to Make Any Forecasts – Moody’s could be forced to review the Ba1 credit rating, currently “stable” and “not on watch”.

Moody’s didn’t take long to react. On April 26, 2022, Moody’s Investors Service has changed the outlook on the ratings of German automotive parts supplier MAHLE GmbH (MAHLE) to negative from stable. Concurrently, Moody’s affirmed MAHLE’s Ba1 corporate family rating (CFR), the senior unsecured Ba1 instrument rating, the (P)Ba1 senior unsecured euro medium term note programme rating and a Ba1-PD probability of default rating (PDR).

The continued rudderlessness – both in terms of leadership and in terms of guidance – could give the agency reason to take action after the negative outlook.

There is a new report from Moody’s with further details. Here is a key message:

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Published by:

Dr. Oliver Everling

Independent since 1998, he is Managing Director of RATING EVIDENCE GmbH. As visiting professor of Capital University of Economics and Business in Beijing, former chairman of the supervisory board of a rating agency, advisory board member, advisor, member of rating committees, chairman of ISO-TC Rating Services, author or publisher of books and a magazine, Independent Non-Executive Director under EU Regulation on Credit Rating Agencies, he has been or is involved in ratings from a variety of perspectives. Previously, he was for 6 years department director at Dresdner Bank and, until 1993, managing director of the Projektgesellschaft Rating mbH after a doctorate at the banking and stock exchange seminar of the University of Cologne.

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