Outlook On Fresenius Group Revised To Positive On Better-Than-Expected Leverage Ratios; 'BBB-' Rating Affirmed

Germany-based health care group Fresenius SE&Co. KGaA is set to post robust operating results and leverage (debt to EBITDA) of less than 3.5x at year-end 2017. The group's three main business units announced significant acquisitions in the past 18 months, but we still expect net debt to EBITDA at about 3.5x in both 2017 and 2018. We are revising our outlook on the Fresenius group to positive from stable and affirming our 'BBB-' rating. The positive outlook reflects the possibility that we could upgrade the group within 12 to 18 months, if we see further evidence that its external growth policy is consistent with S&P Global Ratings-adjusted leverage of about 3.5x. PARIS (S&P Global Ratings) Dec. 27, 2017--S&P

...+ Germany-based health care group Fresenius SE & Co. KGaA is set to post robust operating results and leverage (debt to EBITDA) of less than 3.5x at year-end 2017. + The group's three main business units announced significant acquisitions in the past 18 months, but we still expect net debt to EBITDA at about 3.5x in both 2017 and 2018. + We are revising our outlook on the Fresenius group to positive from stable and affirming our '###-' rating. + The positive outlook reflects the possibility that we could upgrade the group within 12 to 18 months, if we see further evidence that its external growth policy is consistent with S&P Global Ratings-adjusted leverage of about 3.5x. PARIS (S&P Global Ratings) Dec. 27, 2017--S&P Global Ratings today revised its outlook on Germany-based health care group Fresenius SE & Co. KGaA and its dialysis care subsidiary Fresenius Medical Care AG & Co. KGaA (together the Fresenius group) to positive from stable. The '###-' long-term corporate credit rating on...

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