HERZOGENAURACH, Germany, Sept. 7, 2016 /PRNewswire/ -- The rating agency Moody's has upgraded Schaeffler AG's long-term issuer rating to Baa3 (Investment Grade). The rating upgrade reflects the announced refinancing of IHO Holding and the intended reduction of indebtedness at Schaeffler AG in the amount of EUR 674 million. Moody's also upgraded the issuance ratings for Schaeffler AG's and Schaeffler Finance B.V.'s senior secured debt from Ba2 to Baa3 and for the senior unsecured debt from Ba3 to Baa3. The outlook on all ratings is stable. Klaus Rosenfeld, CEO of Schaeffler AG, said: "We welcome the rating upgrade by Moody's. It is proof of the strong operating business of Schaeffler AG and the significant improvement of our capital structure." Today's rating decision by Moody's is subject to the successful closing of the refinancing of the IHO Holding.