Moody’s ups Fresenius to investment-grade

Moody's Investors Service said it upgraded the ratings of Fresenius Medical Care AG & Co. KGaA (FMC), assigning a long-term issuer rating of Baa3.

Concurrently, the agency withdrew Fresenius’ corporate family rating of Ba1 and probability of default rating of Ba1-PD following the assignment of an issuer rating of Baa3 as per the agency's practice for corporates with investment-grade ratings.

In addition, Moody's affirmed all senior secured instrument ratings of Fresenius and its subsidiaries at Baa3, and upgraded all senior unsecured instrument ratings to Baa3 from Ba2.

Lastly the agency placed the Ba2 issuer rating of Fresenius Medical Care Holdings, Inc. (FMC Holdings), the sub-holding company of Fresenius’ North American operations, under review for upgrade.

The outlook is stable on all the ratings apart from Fresenius Medical Care Holdings, where the outlook is under review.

"Today's rating action recognizes FMC's defensive business profile, the group's long term track record of profitable growth in a challenging macroeconomic environment and good growth prospects over the next 3 to 5 years,” says Stanislas Duquesnoy, Moody's lead analyst for Fresenius, said in a news release.

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