09 May 2012 18:44 [Source: ICIS news]
LONDON (ICIS)--Standard & Poor’s (S&P) has raised its credit ratings for Germany-based specialty chemicals major Evonik because of the company’s relatively reduced exposure to cyclical end-markets, among other factors, the agency said on Wednesday.
At the same time, Evonik’s management remained committed to reducing the company’s sizeable pension deficit, S&P said.
The agency added that Evonik would gain additional financial flexibility through the planned sale of its real estate business.
S&P raised its long-term credit rating for Evonik Industries and subsidiary Evonik Degussa to “BBB+” from “BBB”.
The agency also raised its issue ratings on Evonik’s unsecured debt to “BBB+” from “BBB” and it affirmed Evonik’s “A-2” short-term corporate credit rating.
Evonik chief financial officer Wolfgang Colberg said that the upgrade confirms the company’s strategy to focus on specialty chemicals and appreciates Evonik’s recent performance.
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