S&P cuts Linde

Standard & Poor's said it lowered its long-term and short-term corporate credit ratings on Linde AG to BBB-/A-3 from BBB+/A-2, following the closing of the acquisition of The BOC Group plc.

The agency said that the ratings on BOC were lowered to BBB-/A-3 from A/A-1, adding that all ratings were removed from CreditWatch where they were placed on Jan. 25, 2006.

The outlook is stable.

S&P noted that the ratings on Linde reflect its position as a leading manufacturer in the profitable and predictable industrial-gas business, with a world market share of about 22%.

The ratings are constrained by its aggressive leverage after the BOC acquisition, the agency said.

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