Fitch: Jenoptik unaffected

Fitch Ratings said there will be no rating impact on Jenoptik AG (senior unsecured B/stable outlook/short-term B) and its €150 million senior notes rated B from State of Thuringia's announcement to dispose of its remaining 14.8% stake in the German technology company.

The State of Thuringia was the sole shareholder of Jenoptik prior to its initial public offering in 1998 and has been gradually reducing its stake to the present level. It has not given any specific guidance on the timing for the disposal of its 14.8% interests, Fitch said.

Fitch said the ratings assigned to Jenoptik are on a stand-alone basis, with no credit given to its state ownership and potential support or constraints that the State of Thuringia may impose on the group. But Fitch said it believes the State of Thuringia's disposal could result in an improvement in Jenoptik's corporate governance by potentially broadening the institutional shareholder base.

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