Moody's rates Linde converts A3

Moody's Investors Service said it assigned a prospective A3 rating to Linde Finance BV's up to €550 million new convertible senior unsecured notes issue due May 5, 2009 with Linde AG as guarantor.

The outlook is stable.

Moody's said Linde AG's A3/P-2 ratings continue to reflect the group's leading market positions in all its businesses, especially in Europe, the strong operating profit margins and stable cash flows generated in the industrial gas business, and the expectation for further debt reduction and conservative financing strategies.

The ratings, however, also incorporate Linde's exposure to more cyclical and less profitable non-gas activities, and the need for ongoing cost efficiency measures to offset price pressure and raise profitability across all divisions.

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