S&P assigns Linde bonds BBB

Standard & Poor's said it assigned its BBB long-term debt rating to the proposed senior unsecured euro benchmark bonds to be issued by Linde Finance BV and guaranteed by Linde AG (BBB/stable/A-2).

"Proceeds from the bonds will be used to refinance part of Linde AG's bank loans stemming from the 2006 acquisition of U.K.-based The BOC Group plc (BOC, BBB/stable/A-2) as well as to prefund the €637 million debt maturing in June this year", said S&P credit analyst Tobias Mock.

S&P said it rates the note program BBB, at the same level as the corporate credit rating on Linde, reflecting modest structural subordination and the group's centralized financing strategy.

The ratings on Linde AG reflect its position as a leading manufacturer in the highly profitable, consolidated, low-volatility industrial-gas business, with a world market share of about 22%, the agency noted.

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