Moody's rates Evonik notes Ba1

Moody's Investors Service said it assigned a Ba1 corporate family rating to Evonik Industries group and probability of default rating to Evonik Industries AG, along with a Ba1 rating to its €750 million of senior unsecured notes issued by Evonik Industries AG.

The outlook is stable.

The ratings reflect the group's strong business profile in chemicals with leading market positions, along with end-market diversity with a good mix between more cyclical upstream activities and stable specialty applications, Moody's said.

The ratings remain constrained by Evonik's leveraged capital structure if compared to investment grade chemicals peers, aggressive dividend policy and limited exposure to cyclical customer industries, the agency said.

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