#FutureFresenius is paying off: S&P Global Ratings revises outlook for Fresenius SE from stable to positive

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S&P Global Ratings (S&P), a globally recognized credit rating agency today revised its credit outlook for Fresenius SE from stable to positive. The rating was affirmed at BBB. As part of its evaluation, S&P acknowledged the significant progress highlighting Fresenius’ strong operating performance, particularly within its growth vectors, ongoing cost base improvements, as well as a further reduction in the Company’s leverage. S&P also highlighted the sharpened and simplified portfolio, underscoring the Company’s resilience in the current operating environment.

“The revised outlook is another proof point that #FutureFresenius is paying off. It confirms our focus on long-term profitable growth and balance sheet strength, while at the same time preparing the business for future growth. Based on the strength of our operating businesses and the strong cash flow generation, we have significantly deleveraged the Company over the past years and expect to stay well within our self-imposed target leverage range,” says Fresenius CFO Sara Hennicken.

Fresenius is rated investment grade by the three leading credit rating agencies S&P Global Ratings (BBB/positive), Moody’s (Baa3/stable) and Fitch (BBB-/stable). The company is committed to its investment grade rating and to its self-imposed target leverage range of 2.5 to 3.0x net debt/EBITDA¹, which forms part of its capital allocation framework.

1 At average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; before special items; including lease liabilities and Fresenius Medical Care dividend, net debt adjusted for the valuation effect of the exchangeable bond