Three rating agencies upgrade LANXESS
Published on : Monday 30-11--0001
- Standard & Poor’s, Scope Ratings and Moody’s lift rating by one notch each
- Recognition of strengthened business profile and improved financial situation
Cologne – Within a few days, the three rating agencies Standard & Poor’s (S&P Global), Scope Ratings and Moody’s have upgraded the credit rating of specialty chemicals company LANXESS by one notch each.
They are now publishing new reports after LANXESS announced its plan to sell its stake in ARLANXEO. In these reports, the agencies especially highlight the company’s strengthened business profile, reduced volatility and improved financial situation.
“With their upgrades, the rating agencies are recognizing our transformation into a more profitable, more stable and more widely diversified specialty chemicals company,” said LANXESS CFO Michael Pontzen.
The European rating agency Scope Ratings raised its rating for LANXESS from “BBB” to “BBB+” today (Wednesday, August 15) – with a stable outlook. Last Thursday (August 9), S&P Global had already upgraded the specialty chemicals company’s credit rating by one notch from “BBB-” to “BBB.” The outlook likewise remains stable. On Friday (August 10), Moody’s followed suit and now rates LANXESS at “Baa2.” Previously, its rating was “Baa3.” Moody’s also gives a stable outlook.
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accept any liability whatsoever arising directly or indirectly from the use of this document.
LANXESS is a leading specialty chemicals company with sales of EUR 9.7 billion in 2017 and about 19,200 employees in 25 countries. The company is currently represented at 74 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives, specialty chemicals and plastics. LANXESS is listed in the leading sustainability indices Dow Jones Sustainability Index (DJSI World and Europe) and FTSE4Good.