Fitch affirms Fresenius

Fitch Ratings said it affirmed Fresenius SE's and Fresenius Medical Care AG & Co. KGaA's ratings at BB.

The outlook is stable.

The affirmations follow Fresenius's planned conversion of its preference shares into ordinary shares and the change of its legal form to a KGaA, which is a partnership limited by shares.

Fitch said it considers this exercise as neutral to slightly positive, as it will improve the company's flexibility to increase its equity funding of future acquisitions.

The ratings are supported by Fresenius' No. 1 global position in the non-cyclical and steadily growing dialysis products and services industry, where cash flows are relatively predictable, the agency added.

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