Full Press Release Details
| Fresenius Medical Care AG & Co. KGaA | |
| Investor Relations | |
| Investor News | Else-Kr ner-Str. 1 |
| D-61352 Bad Homburg | |
| Contact: | |
| Oliver Maier | |
| Phone: + 49 6172 609 2601 | |
| Fax: + 49 6172 609 2301 | |
| E-mail: ir@fmc-ag.com | |
| North America: | |
| Terry L. Morris | |
| Phone: + 1 800 948 2538 | |
| Fax: + 1 615 345 5605 | |
| E-mail: ir@fmc-ag.com | |
| Internet: www.fmc-ag.com |
Fresenius Medical Care Announces upgraded Rating of
Unsecured Debt Issues by Standard & Poor s
Homburg, Germany Fresenius Medical Care
AG & Co. KGaA ( the Company ), the world s largest provider
of Dialysis Products and Services, today reports that Standard & Poor s has
assigned upgraded debt and recovery ratings to the Company s unsecured debt
issues. Based on a recovery analysis the rating of Trust Preferred Securities
IV ($225 million) and Trust Preferred Securities V ( 300 million) improved to
BB from single B+. Additionally the rating of the $500 million Senior Notes due
2017 improved to BB+ from BB-. The corporate credit rating remains unchanged at
BB, the outlook is stable.
A. Rosen, Chief Financial Officer, commented: The Company welcomes the
improved ratings which reflect our strong global position in
growing, non-cyclical markets of the dialysis industry. The dialysis industry
is characterized by stable cash flows; most of the Company s customers have a
high credit rating. Furthermore, we have a proven ability to reduce debt significantly
over time. Our financial position is strong and we are confident
to meet our financial targets.
| FRESENIUS MEDICAL CARE AG & Co. KGaA | |||||||||||||
| Facility | Year issued | Amount in million | New Rating | Old Rating | |||||||||
| Corporate Credit Rating | BB | BB | |||||||||||
| Credit Agreement Term Loan A | 2006 | $ | 1,850 | BBB- | BBB- | ||||||||
| Credit Agreement Term Loan B | 2006 | $ | 1,750 | BBB- | BBB- | ||||||||
| Secured Revolving Credit Facility | 2006 | $ | 1,000 | BBB- | BBB- | ||||||||
| Senior Notes 2007-2017 | 2007 | $ | 500 | BB+ | BB- | ||||||||
| Trust Preferred Securities IV (subordinated notes) | 2001 | $ | 225 | BB | B+ | ||||||||
| Trust Preferred Securities V (subordinated notes) | 2001 | 300 | BB | B+ |
Fresenius Medical Care is the
world s largest integrated provider of products and services for individuals
undergoing dialysis because of chronic kidney failure, a condition that affects
more than 1,600,000 individuals worldwide. Through its network of 2,238
dialysis clinics in North America, Europe, Latin America, Asia-Pacific and
Africa, Fresenius Medical Care provides dialysis treatment to 173,863 patients
around the globe. Fresenius Medical Care is also the world s leading provider of
dialysis products such as hemodialysis machines, dialyzers and related
disposable products. Fresenius Medical Care is listed on the Frankfurt Stock
Exchange (FME, FME3) and the New York Stock Exchange (FMS, FMS/P).
For more information about
Fresenius Medical Care visit the Company s website at www.fmc-ag.com.
This release contains
forward-looking statements that are subject to various risks and uncertainties.
Actual results could differ materially from those described in these
forward-looking statements due to certain factors, including changes in
business, economic and competitive conditions, regulatory reforms, foreign
exchange rate fluctuations, uncertainties in litigation or investigative
proceedings, and the availability of financing. These and other risks and
uncertainties are detailed in Fresenius Medical Care AG & Co. KGaA s
reports filed with the U.S. Securities and Exchange Commission. Fresenius
Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking
statements in this release.