S&P: Linde unchanged

Standard & Poor's said that Linde AG's (BBB-/stable/A-3) sale of Kion, its materials handling business, will not have an impact on the ratings.

In assigning Linde the BBB- corporate credit rating, substantial disposal proceeds of more than €4 billion have been figured in as part of the company's effort to improve current stretched credit metrics for the rating.

However, proceeds from the sale of Kion have been above our expectations and already a large part of the expected disposal proceeds necessary for the current rating has been received with this single transaction.

S&P said it rating already reflects the benefits to Linde's business profile of the increased focus on industrial gases and engineering, adding that the ratings on Linde 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%.

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