First rating for Covestro
Moody's issues Baa2 rating with stable outlook
Polymer manufacturer receives investment-grade rating.
Covestro's first issuer rating confirms the company's creditworthiness on the international capital market. On Wednesday, one day after it was floated on the stock market, the polymer manufacturer received a Baa2 rating with a stable outlook from Moody's Investors Service in London, putting Covestro in the investment-grade category.
"We are delighted that Moody's has given the company the solid investment-grade rating we were targeting," said Covestro CFO Frank H. Lutz. "It reflects our solid financial position and creates a good basis for our corporate financing."
Covestro - formerly Bayer MaterialScience - has been a separate legal and economic entity since September 1, 2015. Its shares are listed in the regulated market segment (Prime Standard) of the Frankfurt Stock Exchange since Tuesday. The free float is around 31 percent, with Bayer AG as the previous sole owner holding the remaining shares.
With 2014 sales of EUR 11.7 billion, Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and sports and leisure industries. The Covestro group has 30 production sites around the globe and employed approximately 14,200 people at the end of 2014. Covestro, formerly Bayer MaterialScience, is a Bayer Group company.
This release may contain forward-looking statements based on current assumptions and forecasts made by Covestro Deutschland AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available on the Covestro website at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.