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Moody’s Upgrades Covestro

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By: Anthony Locicero

Copy Editor, New York Post, Rodman Media

The international rating agency Moody’s Investors Service has reassessed Covestro’s existing investment-grade rating. Due to the sustained good earnings situation and the significantly improved balance sheet structure, Moody’s has raised the credit rating for the company from Baa2 to Baa1 with a stable outlook as of yesterday.

“The improvement in our rating is the result of a disciplined financial strategy,” Covestro CFO Dr. Thomas Toepfer said. “We have succeeded in using the successful business development of recent years to consistently reduce our debt and sustainably strengthen our balance sheet. The improved credit rating of Baa1 reflects the capital markets’ increased confidence in our financial strength.”

Since Moody’s first Baa2 rating in October 2015, Covestro has improved its debt ratio, expressed by total net debt to EBITDA for the last 12 months, from 2.2x to 0.5x.

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