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S&P boosts Evonik Degussa
Standard & Poor's said it assigned BB+/B long- and short-term corporate credit ratings to Evonik Industries AG, the parent of chemical company Evonik Degussa GmbH, and raised to BB+ from BB the long-term corporate credit rating on Degussa.
The outlook is positive.
The agency assigned a BB+ rating to the notes issued by Evonik and raised the issue rating to BB+ from BB on the notes issued by Degussa. Both issues have a recovery rating of 4.
"The rating action reflects our expectation of record profits for the Evonik group in 2010 and a related substantial improvement in credit metrics," S&P analyst Karl Nietvelt said in a statement.
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