MOSCOW (MRC) -- The rating agency Moody’s upgraded the credit rating of Evonik Industries AG from Baa2 with a positive outlook to Baa1 with a stable outlook, as per the company's press release.
The rating upgrade followed our announcement to acquire the specialty & coating additives business (Performance Materials Division) of Air Products and Chemicals, Inc.
The agency expects that the acquisition will enhance the specialty chemicals franchise of Evonik and strengthen Evonik’s business profile by adding scale and diversity.
Ute Wolf, CFO of Evonik comments: "The rating upgrade from Moody’s acknowledges our consistent strategy towards a portfolio of high-margin resilient businesses.
Maintaining a solid investment grade rating forms a central element of Evonik’s corporate strategy."
The rating agency Standard & Poor’s already confirmed the credit rating of Evonik Industries AG at BBB+ with a stable outlook on May 6, 2016.
As MRC informed earlier, in June 2015, Evonik Industries completed the acquisition of Monarch Catalyst (Dombivli, India). Evonik announced plans to acquire Monarch Catalyst in March, subject to certain closing conditions. The company employs approximately 300 people and will be renamed Evonik Catalysts India. All of Evonik’s future catalyst activities in India will be operated through the newly acquired company. Financial details of the transaction were not disclosed.
Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms. Evonik is active in over 100 countries around the world.
MRC