S&P revises Sartorius outlook to stable

S&P said it revised its outlook for Sartorius AG to stable from negative and affirmed the BBB ratings on the company and its senior unsecured notes.

Sartorius reaped about €1 billion in net cash proceeds after its Sartorius Stedim Biotech SA subsidiary completed a €1.2 billion share capital increase. Sartorius also placed €200 million treasury preference shares at the parent level.

“Sartorius has raised a total of approximately €1 billion net cash proceeds as Sartorius Stedim Biotech SA (SSB), the French operating subsidiary of the Sartorius group, completed a €1.2 billion share capital increase. At the same time, Sartorius placed €200 million treasury preference shares at the parent level. We anticipate group consolidated S&P Global Ratings-adjusted debt to EBITDA to reduce to 3.8x in 2024.

“In our view, the capital increase testifies to Sartorius' commitment to reduce group leverage to below 3x and is aligned with the group's financial policy,” the agency said in a press release.

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