Moody's: Evonik view to positive

Moody's Investors Service said it changed the outlook to positive from stable on all outstanding ratings of Evonik Industries AG. All outstanding ratings, including its corporate family rating of Ba1, remain unchanged.

The change in outlook was prompted by news of Evonik Industries' sale of a 51% stake in its energy business for an enterprise value of €3.77 billion, as well as by the group's continued robust operating performance, Moody's said.

The deleveraging impact from the sale will be modest, but the transaction will de-risk the business profile of the group, the agency said.

Moody's also noted that the energy business is relatively capital intensive and has to some extent constrained the capital allocation to Evonik Industries' chemicals franchise.

Its liquidity position also is strong, the agency added.

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