This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Nov. 3, 2026--Our ratings on Germany-based health care group Fresenius SE&Co. KGaA (Fresenius; BBB/Positive/A-2) are unaffected by the recent announcement of the partnership with WuXi Biologics (not rated). Our positive outlook reflects our expectation that Fresenius'credit metrics will continue to improve on the back of a strengthening business and supportive financial policy. We think the transaction reflects Fresenius'strategy to focus on its growth vectors--nutrition, biopharma, and medtech. In our view, Fresenius is taking tangible steps to expand its biosimilars portfolio through an exclusive development agreement that provides access to up to 37 potential first-to-market candidates and the agreement will significantly scale Fresenius'biopharma business.
