english - About Heraeus

The following table shows the current assessment of credit quality by both agencies:
Moody’s Investor
Service Standard & Poor’s
Long-term financial debt Baa1 BBB+
Short-term financial debt – A-2
Heraeus published a credit rating from Moody’s for the first time in financial year 2007.
The rating “Baa1” from Moody’s is at the top of category B and is therefore just a step
below category A. The rating outlook from Moody’s is an estimate with regard to the probable
medium-term development of the issuer’s credit rating. The categories are “positive,”
“stable,” and “negative.” Moody’s evaluated Heraeus’ outlook as “stable.” No evaluation
was requested from Moody’s for short-term credit quality.
Standard & Poor’s gives the long-term credit quality of Heraeus a “BBB+” rating based
on expected future financial strength and continued improvement in business development.
This classification corresponds to the highest credit quality in category B. Standard
& Poor’s rating outlook also refers to the evaluation of the probable medium-term development
of the issuer; the outlook was rated as “stable.”
Standard & Poor’s rates Heraeus’ short-term credit quality as “A-2.” This is the thirdhighest
rating within the Standard & Poor’s system of short-term corporate credit ratings.
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