DUBLIN (S&P Global Ratings) Oct. 30, 2020--S&P Global Ratings today said that Fresenius Group's diversified business and effective COVID-19-related compensation schemes in its major markets--most notably Germany and the U.S.--have underpinned its resilient operating performance this year to date. The top-line growth of Fresenius Group (comprising Fresenius SE&Co. KGaA and Fresenius Medical Care AG&Co. KGaA, both rated BBB/Stable/A-2) has been affected by fewer elective procedures--primarily affecting Helios and Kabi--and negative foreign exchange movements. Nevertheless, the consolidated group EBITDA margin is holding up well at about 19.4% (after special items) as of third-quarter (Q3) 2020--about 50 basis points below the same period last year. Helios, the group's hospital business, is supported by the effective compensation package in
