Moody's confirms Fresenius

Moody's Investors Service said it confirmed all ratings of Fresenius AG, concluding the rating review initiated on Oct. 14.

The outlook is stable for the company's corporate family rating of Ba2 and €300 million senior notes rated Ba2.

Moody's said the ratings confirmation reflects the strategic rationale for the acquisition of Helios and expected benefits to the Fresenius group in terms of a significantly improved market position in the hospital sector in Germany, an opportunity to accelerate the turnaround at ProServe and further diversification of the group's revenue and cash flow generation.

However, Moody's noted that the group's corporate family rating is weakly positioned in the Ba2 category as a result of its increased appetite for large scale M&A as evidenced over the past several months combined with an increase in acquisition-related debt.

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