This information constitutes neither an offer to purchase or subscribe for securities of Knorr-Bremse AG nor an invitation to submit an offer for the acquisition of securities. The purchase of or subscription for bearer bonds of Knorr-Bremse AG can only be based on the Prospectus approved by CSSF and notified to the German Financial Supervisory Authority. The Prospectus of the Debt Issuance Program which also applies to the bond can be obtained from the website of the Luxembourg Stock Exchange.


Kai Gloystein Corporate Finance & Treasury/Creditor Relations

About the bonds

About the bond Knorr-Bremse Bond issued 09/2022
Issuer Knorr-Bremse AG
Issuer ratings A2/outlook negative (Moody’s), A-/outlook stable (Standard & Poor’s)
Volume 700 mEUR
Term 5 Year
Settlement September 21, 2022
Maturity September 21, 2027
Coupon 3.250% p. a.
Reoffer spread 3.311% p. a.
Listing Regulated Market of the Luxembourg Stock Exchange
Denomination EUR 100,000
Applicable law German law
Bookrunners Deutsche Bank, HSBC and UniCredit

About the bond Knorr-Bremse Bond issued 06/2018
Issuer Knorr-Bremse AG
Issuer ratings A2/outlook negative (Moody’s), A-/outlook stable (Standard & Poor’s)
Volume 750 mEUR
Term 7 Year
Settlement June 14, 2018
Maturity June 13, 2025
Coupon 1.125% p. a.
Reoffer spread 1.188% p. a.
Listing EUR MTF Luxembourg
Denomination EUR 1,000
Applicable law German law
Bookrunners Deutsche Bank, HSBC and Bayern LB

External ratings. Further confirmation of Knorr-Bremse’s “A” rating.

We act with prudence and foresight. Assessments by external rating agencies confirm this. We are proud of our “A” ratings as testament to our first-class creditworthiness.

For the past 15 years, Knorr-Bremse has had its creditworthiness externally assessed by the two prominent and internationally renowned rating agencies Standard & Poor"s and Moody"s. The resultant ratings are of great importance to us. Positive ratings not only build trust in the Knorr-Bremse Group’s financial stability among customers and suppliers – a prerequisite in any long-term business relationship – they also have a positive impact on access to financing on the capital market and from banks.

The Knorr-Bremse Group is currently rated "A-" (outlook: stable) by Standard & Poor's and "A3" (outlook: stable) by Moody's.


We build trust – with external assessments

From the outset, both Standard & Poor’s and Moody’s have assigned the Knorr-Bremse Group investment grade status. But we won’t take it for granted. The Group continues to strive to systematically improve its financial stability and, in turn, its credit ratings. Knorr-Bremse is one of the few family-owned companies to have an external rating and also to be awarded “A” ratings, placing it in the highest category.

We are strongly positioned – with two corporate divisions

The Group’s two divisions, Rail Vehicle Systems and Commercial Vehicle Systems, form the commercial and financial basis for Knorr-Bremse’s ratings.

Benefits of the two independent divisions

  • Stability through product and customer diversification
  • Balanced geographic distribution of sales across the Group
  • Divisions follow economic cycles that often vary greatly in terms of time and region
  • Synergies in key areas of technology

The diversification in geographies and products thus strengthens the Group as a whole and helps to mitigate commercial risk.

Stability through aftermarket sales

One key factor for the Group’s long-term stability is the proportion of sales contributed by the aftermarket sector, since this is far less exposed to crisis-led volatility than the original equipment market. In this respect, the two rating agencies acknowledge Knorr-Bremse’s above average share of aftermarket sales.

We stand for sound financial planning – with a long-term perspective

An important indicator in any rating is the reliability of a company’s financial planning and the realization of those plans over longer periods. Knorr-Bremse presents a very stable track record, stretching back more than 15 years, in which financial targets have generally been reached or exceeded. Acquisitions, the establishment of joint ventures and other financial transactions that contribute to the growth of the Knorr-Bremse Group are conducted with foresight, a sense of proportion and manageable levels of risk. The resultant prudent and conservative financial policy represents another central pillar of the Group’s first-class credit rating.

Room for strategic maneuver thanks to high liquidity volume

In the past ten years, the Knorr-Bremse Group has also regularly succeeded in generating above average levels of free cash flow. In addition, in September 2022 Knorr-Bremse AG strengthened its liquidity cushion by issuing a further bond with a volume of EUR 700 million linked to sustainability criteria, and through the EUR 750 million syndicated credit line in place since January 2022 it also has sufficient scope to act quickly and flexibly in the event of potential growth opportunities.

Investor Relations