...+ On Aug. 22, 2017, Fresenius SE & Co. KGaA (FSE; ###-/Stable/A-3) amended and restated its credit agreement, removing the share pledges on its senior secured bank facilities. + With the removal of theses pledges, no material secured debt is now outstanding at FSE and the structural subordination of FSE's unsecured debt has significantly decreased. + We are consequently raising our ratings on FSE's senior unsecured debt to '###-' from '##+'. + Our rating on the bank debt of FSE is unchanged at '###-'. PARIS (S&P Global Ratings) Aug. 23, 2017--S&P Global Ratings today raised its long-term issue rating on the senior unsecured notes issued by Germany-based health care group Fresenius SE & Co. KGaA (FSE) to '###-' from '##+'. Our rating action reflects the refinancing of FSE's bank debt and the removal of the secured bank debt, which has been replaced by unsecured bank facilities. This has improved the ranking of the group's unsecured debt and considerably decreased its level of subordination....
