Credit investors

Air Liquide regularly reviews its financing strategy to integrate financial market conditions with its growth objectives. As part of this review, we ensure that we maintain a credit profile consistent with a minimum long-term rating of category “A" from the rating agencies Standard & Poor's, Moody's and Scope Ratings.

Air Liquide diversifies its financing sources by accessing various debt markets. In the long run, the Group funds itself with bond issues, usually through its Euro Medium-Term Notes programme (EMTN), targeting European, American, as well as Japanese markets. Over the short term, Air Liquide has recourse to Negotiable European Commercial Paper (formerly Billet de Tresorerie) and US Commercial Paper. The Group also has access to a Syndicated Credit Facility and several bilateral credit facilities with the Group’s core banking partners for general corporate purposes.

Air Liquide’s growth strategy combines economic and financial performance with sustainable development. This responsible and sustainable growth model also applies to its financial policy, as the Group now relies on sustainable financial instruments to support its long-term ambition.

Air Liquide uses bonds to fund its long term profitable growth strategy and to benefit from attractive market conditions. The Group offers its bond issues to institutional investors such as fund managers, insurance and pension funds and public and private banks.

Air Liquide’s credit ratings are based upon its creditworthiness and its ability to repay its debt. The Group is regularly assessed by the credit rating agencies Standard & Poor’s, Moody’s and Scope Ratings.

Air Liquide Finance is a wholly owned entity of L’Air Liquide S.A., incorporated in 1999 under the laws of France, as a dedicated subsidiary for financial activities.