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Fresenius SE & Co. KGaA announced the successful issuance of a €1 billion dual-tranche bond offering on July 1, 2026. The bonds are expected to settle on July 8, 2026.
The transaction consists of the following two tranches:
- €500 million of fixed rate notes with a coupon rate of 3.375%, maturing July 8, 2031; and
- €500 million of fixed rate notes with a coupon rate of 3.750%, maturing July 8, 2034.
Fresenius will use the net proceeds of the offering for general corporate purposes, including the refinancing of existing financial liabilities.
The bonds were issued by Fresenius SE & Co. KGaA under the Fresenius Debt Issuance Program. The company has applied to have the bonds admitted to trading on the regulated market of the Luxembourg Stock Exchange.
The bond issuance does not impact Fresenius' full-year 2026 financial guidance, and the transaction fully covers refinancing requirements for the full year 2026 while proactively addressing certain debt maturities in 2027.
Overall, the transaction further strengthens Fresenius’ financial flexibility, limits potential future refinancing risks, and supports the balance sheet. In addition, the Company successfully extends the average maturity of its debt portfolio. Fresenius remains committed to its self-imposed target leverage corridor of 2.5 to 3.0x net debt/EBITDA. Deleveraging and a strong balance sheet are clear priorities within the Company’s stated capital allocation priorities, which are key to delivering the ambitions of #FutureFresenius.
This release contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Fresenius does not undertake any responsibility to update the forward-looking statements in this release.
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, Singapore or the United States of America (the “United States”) or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada, Japan or Singapore or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, Japan or Singapore. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada, Japan or Singapore. There will be no public offer of the securities in the United States.
This announcement contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, the availability of financing and unforeseen impacts of international conflicts. Neither Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company nor Fresenius Finance Ireland II Public Limited Company undertake any responsibility to update the forward-looking statements in this announcement.
This announcement is a general information and not a prospectus. It has been prepared on the basis that any offer of securities in any Member State of the European Economic Area ("EEA") will be made pursuant to the prospectus and any supplement thereto prepared by Fresenius SE & Co. KGaA, Fresenius Finance Ireland Public Limited Company and Fresenius Finance Ireland II Public Limited Company in combination with the relevant final terms relating to such securities or pursuant to an exemption under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) from the requirement to publish a prospectus for offers of securities. Investors should not purchase or subscribe for any securities referred to in this announcement except on the basis of information in the prospectus, as supplemented, in combination with the relevant final terms relating to such securities, to be issued by the company in connection with the offering of such securities. The applicable final terms for such securities, when published, will be available on the website of the Luxembourg Stock Exchange (www.LuxSE.com) together with the prospectus and any supplement thereto. Copies of the prospectus are also available free of charge from Fresenius SE & Co. KGaA at Else-Kröner Strasse 1, 61352 Bad Homburg, Germany.
This announcement is directed at and/or for distribution in the United Kingdom only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons are referred to herein as “relevant persons”). This announcement is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.
Fresenius is integrated into a diverse network of interest groups. From this exchange, we gain valuable insights that help us to continuously improve the management of material topics and reporting.
Our Approach
We engage with our stakeholders through a variety of channels. The corporate functions at Fresenius primarily focus on stakeholders who are relevant to the Group as a whole. The Operating Companies actively engage with patients, employees, customers, and regulatory authorities, among others.

For the integration of potentially affected stakeholders in our operating activities, we consider, for example, findings from existing due diligence processes and risk assessments in quality, internal employee satisfaction surveys, dialogs with employee representatives and works councils, patient and customer surveys.

➔ Read more in our Sustainability Statement.
Initiatives & Memberships
An important element of our stakeholder dialogs is our active participation in industry and interest groups, as well as our exchange with business partners. Our employees contribute their expertise to national and international bodies, committees, and associations.
We are committed to observing the codes and principles associated with our membership in various associations. In addition, we disclose all contributions made to healthcare professionals in the companies of Fresenius in accordance with the applicable disclosure requirements.

Fresenius has a Sponsored Level 1 American Depositary Receipt (ADR) Program in the United States. The ADRs are traded under the ticker symbol "FSNUY" in the over-the-counter market tier.
ADR information
Structure | Sponsored Level 1 ADR |
Ratio (ADR:ORD) | 4:1 |
Trading Location | OTC |
Ticker Symbol | FSNUY |
CUSIP | 35804M105 |
ISIN | US35804M1053 |
Trading in ADR
ADRs represent ordinary or common shares of a non-U.S. company. Four Fresenius ADRs are the equivalent of one Fresenius ordinary share. They are priced in U.S. dollars and traded in the U.S. over-the-counter (OTC) market. J.P. Morgan Chase Bank N.A is acting as the depositary bank for this ADR program.
Contact details for ADR brokers & institutional investors:
U.S. Tel: +1 212 552 8926
Hong Kong Tel: +852 2800 1857
e-mail: drx_depo@jpmorgan.com
Computershare contacts for ADR registered holders of Fresenius:
Computershare Shareowner Services
Phone (US & Canada – toll free): +1-866-723-8257
Phone (International): +1-781-575-2833
For regular correspondence:
Computershare Shareowner Services
P.O. Box 43304 Providence, RI 0290-3304, USA
Email: web.queries@computershare.com
Website: www.computershare.com/investor or www.computershare.com/us/contact-us
For delivery of stock certificates & overnight mail:
Computershare Trust Company, N.A
150 Royall Street
Canton, MA 02021
Fresenius’ ADR program is administered by J.P. Morgan Chase Bank N.A. As the depositary bank, J.P. Morgan Chase Bank N.A performs the following roles for registered ADR holders as further detailed in the Deposit Agreement:
- Records and maintains the register of ADR holders,
- Is the stock transfer agent,
- Distributes dividends in U.S. dollars,
- Facilitates the voting process and the exercise of the voting rights of ADR holders at any Company General Meeting if permitted by the Company and the Depositary Agreement,
- Issues and cancels Fresenius American Depositary Receipts (ADRs),
- Can distribute Company circulars and General Meetings (including Annual General Meeting) documentation, if applicable.
For those holders who are not registered because their ADRs are held through a ‘Street name’ (nominee account), your nominee will from time to time receive Company documents from J.P. Morgan Chase Bank N.A to distribute to ADR holders. You need to make arrangements with your nominee if you wish to receive such documents and to be able to exercise your vote through the depositary bank at General Meetings (if applicable).
Contact
Director Investor Relations
T: +49 (0) 6172 608-5211
stefanie.drees@fresenius.com
Related Links
Historical ADR prices and interactive chartsAs a global healthcare company, our actions are guided by clear principles, standards, and governance structures. They form the basis for acting responsibly and with integrity across the Group.
Within our Sustainability Framework, the Ethical Foundation defines how we embed ethical behavior in our processes, decisions, and relationships. This includes ensuring compliance, respecting human rights, and maintaining clear standards for responsible and ethical conduct. It also includes our commitment to quality, which is essential to ensuring the safety and reliability of our products and services.
Integrity is the foundation of trust – within our organization and in our interactions with patients, partners, regulators, and society. We aim to foster a culture where ethical behavior and quality are consistently reflected in how we operate.
The Ethical Foundation of our Sustainability Framework encompasses the following focus topics:
For us, quality excellence means a strong commitment to product and service quality and safety, driven by continuous improvement and effective processes. We want to provide people with access to healthcare innovations and thereby support patient care.
Fresenius provides healthcare services, manufactures pharmaceuticals, and develops medical technology products and solutions. As a result, quality requirements vary across our businesses. Our quality management systems are specifically designed to address these diverse needs, meeting both internal standards and external requirements. We ensure this through robust processes and comprehensive training programs across all areas of our business. To track our performance, we use clearly defined quality indicators and targets. These are not only embedded in our daily work but also tied to the variable compensation of our Management Board.

Innovation is key to meeting the needs of our patients – today and in the future. For us, it is a driving force behind improving treatment options, streamlining workflows, and delivering high-quality healthcare solutions. Our integrated approach spans the entire value chain and focuses, among other things, on initiatives that support the advancement of therapies, informed decision-making, and efficient processes through research, digital health solutions, and Artificial Intelligence.
We are committed to respecting internationally recognized human rights. This commitment is embedded in our business practices and across our value chain.
Patients, doctors, nursing and administrative staff rely on our products, concepts, and solutions. Around 180,000 employees place their trust in Fresenius as an employer. Our responsibility also extends to people worldwide who work for our suppliers and business partners in our value chain.
Our Human Rights Program is guided by internationally recognized standards and frameworks, including the Universal Declaration of Human Rights, the Core Labor Standards of the International Labour Organization, the UN Guiding Principles on Business and Human Rights, and the OECD Due Diligence Guidance for Responsible Business Conduct. A central element is our risk-based human rights due diligence. It helps us identify and assess human rights risks and implement appropriate preventive and remedial measures.

We are committed to high ethical business standards. This commitment is embedded in our values, standards, and governance structures.
Integrity, accountability, and reliability are important foundations of our corporate culture. We hold our business partners and suppliers to the same high standards. We continuously work to prevent misconduct, identify potential violations, and respond appropriately when they occur.
Our understanding of integrity goes beyond legal requirements. For us, doing the right thing means acting not only in compliance with the law, but also in accordance with applicable industry codes, internal policies, and our values, the Fresenius Principles. Internal and external control mechanisms support us in meeting regulatory requirements and maintaining the trust of our stakeholders.

Sustainability Insights
Explore our stories to learn what sustainability looks like in our daily operations:
As a healthcare company, we operate in a demanding environment where patient safety and hygiene requirements are always a top priority. At the same time, we are committed to reducing the environmental impact of our activities.
Within our Sustainability Framework, the Planet Dimension, we focus on minimizing our environmental footprint, contributing to climate protection, and using natural resources responsibly, including water and materials, and reducing waste. In doing so, we aim to balance environmental responsibility with the requirements of high-quality patient care.
We recognize that a healthy environment is closely linked to human health. By reducing the environmental impact of our operations, we aim to contribute to climate protection and the responsible use of natural resources by focusing on defined areas such as decarbonization and water management within our Sustainability Framework.
The Planet Dimension of our Sustainability Framework encompasses the following focus topics:
Decarbonization at Fresenius means reducing greenhouse gas emissions in our own operations and along our value chain.
Decarbonization at Fresenius means reducing greenhouse gas emissions in our own operations and along our value chain.
Fresenius manufactures medical products and operates healthcare facilities, which inevitably results in energy consumption and associated greenhouse gas emissions. In production, for example, the machines and containers have to be sterilized, and in our hospitals a wide variety of technical systems are in constant operation. This presents us with specific challenges: For us, patient safety always comes first. At the same time, we aim to reduce energy demand as far as possible – without compromising safe care, hygiene, or the reliable manufacturing of our products.
We want to live up to our responsibilities and reduce our greenhouse gas emissions step by step. By 2030, we aim to reduce our Scope 1 and Scope 2 emissions by 50% compared to our 2020 base year.
Scope 1 and Scope 2 target pathway to 2030

The decarbonization of our value chain is an important part of our long-term journey toward net zero emissions. Scope 3 emissions arise indirectly across our upstream and downstream value chain, for example through purchased raw materials or the treatment of sold products at the end of their life cycle. As the majority of our emissions occur along the value chain, we work with our suppliers to help reduce these emissions.
Climate change is also a health issue. Rising temperatures, more frequent heatwaves and changing weather patterns directly affect people's health, particularly vulnerable groups such as the elderly, chronically ill, and children. Heat stress can lead to circulatory problems, dehydration and an increased risk of death. At the same time, changing climatic conditions can contribute to the spread of infectious diseases and enable their vectors to spread into new regions. . For us as a healthcare company, the impacts of climate change on human health and healthcare delivery are therefore particularly relevant. We see reducing greenhouse gas emissions and ensuring reliable healthcare delivery as closely connected.

Further information on our 2030 climate targets and their implementation can be found in our Sustainability Statement:
➔ Read more in our Sustainability Statement.
Water at Fresenius means using water responsibly and preserving water quality, with a particular focus on reducing water withdrawal in water-stressed areas.
Water is one of our most valuable resources. As a healthcare company, we are dependent on water: We need drinking water of the highest quality to ensure safe patient care. It is crucial for hygiene and well-being. We also use water in the production of our pharmaceutical products – as process water as well as product component. The quality requirements for this water are even higher than those for drinking water.
We aim to minimize the impacts of our business activities on water resources and the receiving systems into which we discharge our wastewater, and to manage water and wastewater responsibly. We place particular focus on sites in water-stressed areas, where reducing water withdrawal is especially important.

Circularity & Waste at Fresenius means using resources more efficiently by embedding circular principles into our products, processes, waste management and value chains.
We are committed to conserving natural resources wherever possible. As a healthcare company, we must always strike a balance between resource efficiency, hygiene requirements, patient safety and product quality.
Disposable items are often used in clinics for hygienic reasons. Our options for saving resources are limited here. There are also strict regulations for pharmaceutical packaging. Our most important levers for conserving resources are therefore developing durable and resource-saving products, reusing resources wherever possible, and disposing of waste safely and systematically.
Sustainability Insights
Explore our stories to learn what sustainability looks like in our daily operations:
Our pledge, Committed to Life, reflects our mission: To save lives and improve patients’ health and quality of life. Our employees bring this commitment to life every day – in direct patient care as well as in supporting functions across the Group.
Within our Sustainability Framework, people are at the center of our activities. We support patients at different stages of their lives and aim to expand access to high-quality and affordable healthcare and improve health outcomes. In doing so, we focus on patient-centered approaches that reflect individual needs and enable appropriate care.
We also recognize that our employees are key to delivering high-quality care. We aim to provide a working environment where they can contribute, develop, and make a meaningful impact.
Our Outreach
We treated
~ 27 m
patients in our hospitals in 2025.
We served
450 m
patients with our healthcare products in 2025.

The Human Dimension of our Sustainability Framework encompasses these focus topics:
Patient centricity at Fresenius means prioritizing patient needs and experiences as well as treatment outcomes, and aligning care delivered through medical products and services in inpatient and outpatient settings accordingly.
Every year, millions of people entrust us with their most precious asset: their health. Through our medical expertise, products, and services, we help enable and support medical treatments, contributing to high-quality care, positive treatment outcomes, and a positive patient experience. By providing high-quality care, we aim to contribute to positive treatment outcomes and a positive patient experience.
Digital technologies can support more personalized and efficient care, both in our hospitals and in the design and use of our products. These include digital processes as well as data-driven and AI-enabled solutions. In specific use cases, they can, for example, support decision-making and care coordination, in line with ethical standards, regulatory and data protection requirements, and the principle of transparency.

Quirónsalud uses the Net Promoter Score (NPS) to measure patient experience in its hospitals and strives to achieve a high score in this metric. The NPS reflects the likelihood of patients recommending the hospital after a hospital contact.
We strive to provide affordable, high-quality products and services that are accessible to more patients and contribute to enhancing the efficiency of healthcare systems.
Our range of products and services includes the services of a broad network of clinics as well as high-quality pharmaceuticals and medical devices. We also use digitalization opportunities and develop new forms of therapy. In this way, we aim to support access to healthcare for as many people as possible through our products and services.
We contribute to improving access to healthcare by prioritizing patient well-being and supporting employees.
Our growing portfolio includes pharmaceuticals – generics and biosimilars – that offer cost-effective alternatives to originator drugs, and our MedTech and Nutrition products that establish a solid foundation for patient care and recovery.
Ensuring that our products are available is an important part of patient care. We continuously invest in our global manufacturing network to maintain a reliable and resilient supply of life-saving therapies. By strengthening our supply infrastructure, we help to prevent disruptions and enhance healthcare delivery worldwide.


Employee Engagement & Development means strengthening our purpose-driven performance culture to attract, develop, and retain a motivated workforce. Through their skills and commitment, our employees contribute to healthcare delivery every day.
Committed to Life – our nearly 180,000 employees put this promise into practice every day: whether in direct contact with patients, relatives, and business partners or behind the scenes in administration and production.
As an employer, it is our responsibility to support safe working conditions and foster an environment that enables development and dialogue. We seek direct exchange with our employees. Their diverse experiences and perspectives provide valuable input for the continued development of our working environment. We aim to support employees throughout the different stages of their careers and create opportunities for their professional development and engagement.
Our Team
178583
people were employed by the Fresenius Group in 2025.
40.7
– was the average age of our employees in 2025.
Sustainability Insights
Explore our stories to learn what sustainability looks like in our daily operations:
Bonds 2023 – 2030
Issuer | Fresenius SE & Co. KGaA |
Currency | € |
Issue amount | 500,000,000 |
Value date | October 5, 2023 |
Maturity | October 5, 2030 |
Coupon | 5.125% |
Coupon payment | October 5 |
Rating | BBB / Baa3 / BBB- |
Stock exchange | Luxembourg / Regulated Market |
Denomination | 1,000 |
Clearing agency | Clearstream Luxembourg / Euroclear |
ISIN Code | XS2698713695 |
Financing Strategy & Targets
Ensure financial flexibility, maintain our investment grade rating, limit refinancing risks and optimize the cost of capital are the main objectives in Fresenius’s financing strategy.
To remain financially flexible, we maintain adequate liquidity headroom. We are committed to our investment grade rating, which provides us with advantages with respect to funding costs, facilitates markets access, and thus contributes to greater financial flexibility overall. Our financing strategy aims at ensuring a stable investment grade rating in the long term.
Refinancing risks are limited due to a balanced maturity profile which is characterized by a broad range of maturities with a high proportion of mid- and long-term debt. We use various financing instruments in a targeted manner to diversify our financing mix and our investor base.
Relevant financing instruments include bonds, Schuldschein Loans and bank loans. In addition, Fresenius maintains a commercial paper program.
Another key objective of Fresenius’ financing strategy is to optimize the cost of capital by employing an adequate mix of equity and debt.
In 2026, adherence to our self-imposed target corridor will continue to be of central importance to us. Our self-imposed target corridor of 2.5 x to 3.0 x allows us to stay financially flexible while solidifying our investment grade rating.
Fresenius Group
1 Prior-year figures have been adjusted due to the deconsolidation of Fresenius Medical Care
2 Before special items
3 At LTM average exchange rates for both net debt and EBITDA; pro forma acquisitions/divestitures; including lease liabilities; including Fresenius Medical Care and Vitrea dividends; net debt adjusted for the valuation effect of the exchangeable bond
Financing Instruments
Bonds
| Issuer | Volume in million | Coupon | Maturity |
|---|---|---|---|
| €750 | 1.625% | 2027 | |
| €750 | 0.75% | 2028 | |
| CHF275 | 2.96% | 2028 | |
| €500 | 2.875% | 2029 | |
| CHF225 | 1.5975% | 2029 | |
| €500 | 5.00% | 2029 | |
| €500 | 2.75% | 2029 | |
| €550 | 2.875% | 2030 | |
| €500 | 5.125% | 2030 | |
| €500 | 3.375% | 2031 | |
| €500 | 1.125% | 2033 | |
| €500 | 3.50% | 2034 | |
| €500 | 3.750% | 2034 | |
| €700 | 2.125% | 2027 | |
| €500 | 0.50% | 2028 | |
| €500 | 0.875% | 2031 | |
| €500 | 3.00% | 2032 |
Schuldschein loans
| Issuer | Volume in million | Interest rate fixed/variable | Maturity |
|---|---|---|---|
Fresenius SE & Co. KGaA | €207 | 1.96%/variable | 2027 |
Fresenius SE & Co. KGaA | €101 | 4.62% | 2028 |
Fresenius SE & Co. KGaA | €84 | 1.10% | 2029 |
Fresenius SE & Co. KGaA | €66 | 4.77% | 2030 |
EIB loan
| Issuer | Volume in million | Coupon | Maturity |
|---|---|---|---|
Fresenius SE & Co. KGaA | €400 | variable | 2030 |
The European Investment Bank (EIB) is the biggest multilateral financial institution in the world and one of the largest providers of finance for climate action, providing economic support to sectors that contribute significantly to technological innovation, growth, employment, regional cohesion and environmental sustainability in Europe and beyond.
Fresenius received a €400 million loan in December 2025 to strengthen its European research and development (R&D) activities. The financing is used to support expansion of Fresenius Kabi's manufacturing of medical products and biosimilars in European countries.
The Fresenius SE & Co. KGaA Commercial Paper Program enables Fresenius to issue short-term notes of up to €1.5 bn on the money market. The issuances are made through the European Commercial Paper Program (ECP).
| Issuer: | Fresenius SE & Co. KGaA, Fresenius Finance Ireland plc. |
| Program amount | € 1,500,000,000 |
| Arranger | Commerzbank |
| Dealer | Barclays, Commerzbank, Crédit Agricole, DZ BANK AG, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen, ING Bank N.V. |
| Issuing and paying agent | Commerzbank |
| Term | up to 1 year less 1 day |
Rating
Fresenius is covered by the leading rating agencies Standard & Poor's, Moody's and Fitch. The following table shows Fresenius SE & Co. KGaA's current ratings.
Rating
| Standard & Poor's | Moody's | Fitch | |
|---|---|---|---|
Corporate Credit Rating | BBB | Baa3 | BBB- |
Outlook | positive | stable | positive |
Contact
Director Investor Relations
T: +49 (0) 6172 608-2486
elisabeth.truckenbrodt@fresenius.com
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