S&P: Evonik Degussa view positive

Standard & Poor's said it revised the outlook to positive from stable on Evonik Degussa GmbH, which is 100% owned by Evonik Industries AG, and affirmed its BB/B long-and short-term corporate credit ratings.

"Our outlook revision follows our review of Evonik Degussa's strategic plan and takes into account our expectations for stronger credit metrics in 2010 against last year's levels," S&P analyst Karl Nietvelt said in a statement.

"The outlook also factors in management's clarified strategy and focus, which we think will likely further strengthen Evonik's balance sheet. We view the group's noncore energy and real estate assets as providing further financial flexibility and deleveraging potential, although we have not factored in any potential disposal proceeds at this stage," Nietvelt said.

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