ZF FRIEDRICHSHAFEN - FY15 RESULTS
​ZF Friedrichshafen (‘ZF’), a German car parts manufacturer whose 94% is owned by the city of Friedrichshafen, changed size universes last year with the acquisition of the American player TRW that closed on May 15, 2015. Given the shareholder’s inability to provide financial support, the transaction was fully debt financed, immersing the company in the high yield universe from its comfortable investment grade position.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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