Based on recent statements to us, we now see increased debt leverage through large-scale acquisitions at Germany-based health care group Fresenius SE&Co. KGaA (FSE) and its subsidiary, Fresenius Medical Care AG&Co. KGaA (FME) as less likely. We are therefore raising our long-term corporate credit ratings on FSE and FME to 'BBB-', assigning an 'A-3' short-term rating, and affirming the 'BB+' ratings on the senior unsecured debt, as well as the 'BBB-' ratings on the senior secured debt. The stable outlook reflects our forecast for continuing profitable growth at both FSE and FME, combined with moderate increase in business investment. On Jan. 16, 2015, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Germany-based
