MOSCOW (MRC) -- The international rating agency Moody’s has upgraded the credit rating of the German speciality chemicals group Evonik Industries AG from Baa3 with a positive outlook to Baa2 with a positive outlook, reported the company on its site.
The rating agency quotes, among other things, the robust operational performance and the clarity regarding the steps for the real estate disposal as key reasons for the upgrade.
Dr. Wolfgang Colberg, Chief Financial Officer of Evonik Industries, commented: "We are now starting to reap the benefits of our clear focus on specialty chemicals with strong market positions and our consistent financial policy. This also improves our access to debt financing."
We remind that, as MRC informed previously, Evonik Industries plans to expand its capacities for precipitated silicas worldwide by about 30 % by 2014. Besides, Evonik's new polyamide 12 line is planned to be built in Singapore by 2014 to increase the availability of this specialty plastic. The company invested over EUR100m (GBR131m) in a new hydrogen peroxide plant in Jilin, China. The plant is scheduled to be completed by the end of 2013 where it will annually produce 230,000 tons of hydrogen peroxide, which is mostly used as a bleaching agent in the textile and pulp industry. As part of the company's strategic portfolio expansion, Evonik plans to launch a new generation of PVC plasticizers. Evonik started construction of the production facilities with the estimated production capacity of 40,000 tpa at the Marl Chemical Park this summer.
Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms. Evonik is active in over 100 countries around the world. In fiscal 2012, the company generated sales of around EUR13.6 billion and an operating profit (adjusted EBITDA) of about EUR2.6 billion.
MRC