Germany Health Care Group Fresenius SE 'BBB-' Rating Affirmed On Announced Takeover Of IDC Salud Holding; Outlook Stable

On Sept. 5, 2016, Germany-based health care group Fresenius SE&Co. KGaA (FSE) announced that it acquired Spanish private hospital operator IDCSalud Holding S.L.U. (IDC) for about €5.76 billion. Although the transaction will be primarily debt financed, it will not cause FSE's debt protection metrics to deteriorate beyond the levels we assume under our base case. We are therefore affirming our 'BBB-' long-term and 'A-3' short-term corporate credit ratings on FSE. The stable outlook reflects our view that FSE will manage its discretionary spending such that group's adjusted debt to EBITDA will remain below 4x. PARIS (S&P Global Ratings) Sept. 7, 2016--S&P Global Ratings said today that it affirmed its 'BBB-' long- and 'A-3' short-term corporate credit ratings on

...+ On Sept. 5, 2016, Germany-based health care group Fresenius SE & Co. KGaA (FSE) announced that it acquired Spanish private hospital operator IDCSalud Holding S.L.U. (IDC) for about 5.76 billion. + Although the transaction will be primarily debt financed, it will not cause FSE's debt protection metrics to deteriorate beyond the levels we assume under our base case. + We are therefore affirming our '###-' long-term and 'A-3' short-term corporate credit ratings on FSE. + The stable outlook reflects our view that FSE will manage its discretionary spending such that group's adjusted debt to EBITDA will remain below 4x. PARIS (S&P Global Ratings) Sept. 7, 2016--S&P Global Ratings said today that it affirmed its '###-' long- and 'A-3' short-term corporate credit ratings on Germany-based health care group Fresenius SE & Co. KGaA (FSE). The outlook is stable. The affirmation follows FSE's announcement that it acquired Spanish private hospital group IDC Salud Holding SLU. The affirmation reflects...

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