Moody's confirms Fresenius SE's Ba1 rating

Moody's today confirmed the Ba1 corporate family rating of Fresenius SE. In July, following Fresenius' announcement of the acquisition of APP Pharmaceuticals, Inc., Moody's had placed the corporate family rating of Fresenius SE under review for possible downgrade.

The rating confirmation reflects Moody's review of the expected capital structure of the acquisition financing, the timeframe of de-leveraging and the benefits of the acquisition on the group's overall business profile. The outlook has been changed from stable to negative.

At the same time, Moody's assigned ratings for the new debt to be issued. The US$ 2.45 billion senior secured credit facility received an investment grade rating of Baa2. The US$ 1.3 billion bridge credit facility was rated at Ba1. These ratings are provisional until the acquisition is closed. The rating of the existing senior unsecured notes remains unchanged.

Stephan Sturm, Chief Financial Officer of Fresenius SE, commented: „Our financing plan for the APP acquisition aimed at minimizing any impact on our credit ratings. With all of the agencies confirming their respective pre-acquisition rating, this target has been fully accomplished."