The international rating agency Standard & Poor's (S&P) has upgraded its credit rating for Evonik Industries AG by two notches to BBB with a stable outlook, giving the company its first investment grade rating. S&P cites the significant reduction in debt and good operating performance as the reasons for the upgrade.
Evonik has thus achieved its target of an investment grade rating in just under eight months since its first rating assessment by S&P. Dr. Wolfgang Colberg, Chief Financial Officer of Evonik Industries, is very pleased with the rating: "This investment grade rating confirms our strategic focus on specialty chemicals with a broadly diversified product and customer portfolio and rewards the significant reduction in debt over the past two years." The investment grade rating improves Evonik’s access to the debt capital markets.
Moody’s current rating for Evonik Industries AG is Ba1 with a positive outlook.
Evonik is the creative industrial group from Germany. In our core business of specialty chemicals, we are a global leader. In addition, it has energy and residential real estate operations. Our performance is shaped by creativity, specialization, reliability and continuous self-renewal.
Evonik is active in over 100 countries around the world. In fiscal 2010 more than 34,000 employees generated sales of around €13.3 billion and an operating profit (EBITDA) of about €2.4 billion.
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.