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PRESS RELEASE: Euler Hermes reaffirms Grammer AG's investment-grade rating

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DGAP-News: Grammer AG / Key word(s): Rating
Euler Hermes reaffirms Grammer AG's investment-grade rating

2019-06-26 / 11:49
The issuer is solely responsible for the content of this announcement.

*Euler Hermes reaffirms Grammer AG's investment-grade rating*

_Amberg, June 26, 2019 _- Euler Hermes Rating GmbH has confirmed its
investment grade rating for Grammer AG in its latest report. However, the
rating has been lowered from BBB to BBB-. The main reason for this was the
higher debt levels following the acquisition of Toledo Modling & Die. Inc.
and the mounting market challenges facing the Automotive Division. Euler
Hermes expects the rating to remain stable over the next 12 months thanks to
the good order books of GRAMMER AG.

Grammer AG's current rating also reflects its solid funding as well as the
resulting high financial flexibility.

Euler Hermes also highlights the Grammer Group's strong global footprint
comprising development and production capacities in the main regions around
the world. In addition, the Group's technology and quality leadership in the
core segments is viewed as a strategic advantage in the light of relevant
trends such as autonomous driving, mobility concepts, digitization and the
increasing electrification of vehicles.

It projects moderate medium to long-term global growth in sales of passenger
and commercial vehicles, from which Grammer stands to benefit as a supplier
of components.
The rating agency considers the Company's diversification across various
products, customers and regions to constitute a further strength.

Euler Hermes Rating sees the acquisition of Toledo Molding & Die, Inc. as
improving Grammer's diversification profile and strengthening its access to
the NAFTA market.

In summary, the rating agency still considers the business risk to which
Grammer AG is exposed to be slightly elevated. In the opinion of the
analysts, the financial risk is moderate, although earnings potential and
profitability weakened in 2018 due to WLTP-related declines in revenue and
acquisition expenses. In addition, Grammer AG has good structures, processes
and systems for addressing operational risks.

*Company profile*

Located in Amberg, Germany, Grammer AG specializes in the development and
production of components and systems for automotive interiors as well as
suspended driver and passenger seats for onroad and offroad vehicles.
In the Automotive Division, we supply headrests, armrests, center console
systems, high-quality interior components, operating systems and innovative
thermo-plastic solutions to premium automakers and automotive system
suppliers.
The Commercial Vehicles Division comprises seats for the truck and offroad
seat segments (tractors, construction machinery, forklifts) as well as train
and bus seats.
With round about 15,000 employees, Grammer operates in 19 countries around
the world. Grammer shares are listed in the Prime Standard and traded on the
Frankfurt and Munich stock exchanges via the electronic trading system
Xetra.

Contact:
GRAMMER AG
Boris Mutius
Phone: 0049 9621 66 2886
investor-relations@grammer.com

2019-06-26 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Grammer AG
Georg-Grammer-Str. 2
92224 Amberg
Germany
Phone: +49 (0)9621 66-0
Fax: +49 (0)9621 66-1000
E-mail: investor-relations@grammer.com
Internet: www.grammer.com
ISIN: DE0005895403, DE0005895403
WKN: 589540, 589540
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
Stuttgart, Tradegate Exchange
EQS News ID: 831349

End of News DGAP News Service

831349 2019-06-26



(END) Dow Jones Newswires

June 26, 2019 05:50 ET ( 09:50 GMT)
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