Moody’s upgrades Evonik to Baa1 with Stable Outlook
The rating agency Moody’s upgraded the credit rating of Evonik Industries AG from Baa2 with a positive outlook to Baa1 with a stable outlook. The rating upgrade followed our announcement to acquire the specialty & coating additives business (Performance Materials Division) of Air Products and Chemicals, Inc.
The agency expects that the acquisition will enhance the specialty chemicals franchise of Evonik and strengthen Evonik’s business profile by adding scale and diversity.
Ute Wolf, CFO of Evonik comments: "The rating upgrade from Moody’s acknowledges our consistent strategy towards a portfolio of high-margin resilient businesses.
Maintaining a solid investment grade rating forms a central element of Evonik’s corporate strategy.”
The rating agency Standard & Poor’s already confirmed the credit rating of Evonik Industries AG at BBB+ with a stable outlook on May 6, 2016.
Company information
Evonik, the creative industrial group from Germany, is one of the world leaders
in specialty chemicals. Profitable growth and a sustained increase in the value of the company form the heart of Evonik’s corporate strategy. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms.
Evonik is active in over 100 countries around the world. In fiscal 2015 more than 33,500 employees generated sales of around €13.5 billion and an operating profit (adjusted EBITDA) of about €2.47 billion.
Disclaimer
In so far as forecasts or expectations are expressed in this press release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Neither Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or statements contained in this release.