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Credit ratings

A regular assessment by S&P and Moody's

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

Air Liquide’s credit ratings

Agencies Analyst Short - term
rating
Long - term
rating
Outlook Last update
S&P

Oliver Kroemker

A-1
Last change 
(28/07/2021)
A
Last change 
(28/07/2021)
Stable
Last change 
(28/07/2021)

July 28, 2021

Moody's Moritz Melsbach P2
Last change 
(24/05/2016)
A-3
Last change 
(24/05/2016)
Positive
Last change 
(04/05/2021)

May 4th 2021

 

Standard & Poor's

S&P long term credit ratings history:

Rationales behind S&P A rating are excellent Business Risk as well as adequate Liquidity and an intermediate Financial Risk. S&P puts a strong focus on Air Liquide‘s earnings resilience and stable cash flow generation when analyzing the company's profitability and financial metrics. S&P views Air Liquide's profitability as less volatile than that of most specialty chemical companies. S&P underlines the high investments of Air Liquide in the energy transition and particularly in the hydrogen business which represents a significant growth opportunity for the Group. 

The “stable” outlook means that Air Liquide benefits from a balanced financial profile, namely through the resilience of its CapEx, acquisitions, divestitures and shareholder distributions. S&P expects the FFO/Net debt ratio to remain sustainably over 30% for the next two years, thus enabling Air Liquide to maintain an “A” rating. 

The agency rates corporate issuers as follows:

  • Long-term ratings, in decreasing order: AAA (best), AA, A, BBB, BB, B, CCC, CC, C, D, SD (Selectively Defaulted). The rating is completed by + or -. Companies with ratings above BB+ are considered investment grade and those below non investment grade
  • Short-term ratings, in decreasing order: A-1+ (best), A-1, A-2, A-3, B, C, D

Moody's

Moody’s long term credit ratings history:

Moody’s rated Air Liquide’s long-term credit for the first time on May 24, 2016.

Rationales behind Moody’s A3 rating are stable and predictable cash flow generation supported by high barriers to entry, the low exposure to cyclical end-markets, ongoing efficiency gains and the ability to pass on most of increased input costs to Large Industries customers through price escalation clauses.

This rating reflects also Air Liquide’s revenue and profit resilience thanks to a strong end-market diversification.

Moody’s expects that Air Liquide will continue to balance growth capex and acquisition spending, shareholder remunerations and deleveraging.

The positive outlook on Air Liquide’s A3 rating reflects Moody’s expectation that Air Liquide’s credit metrics will approach a level deemed to be commensurate with a higher rating in the next 12-18 months.

The agency rates corporate issuers as follows:

  • Long-term ratings, in decreasing order: Aaa (best), Aa, A, Baa, Ba, B, Caa, Ca, C (Selectively Defaulted). The rating is completed by an 1 (best in the category), 2 or 3. Companies with ratings above Ba1 are considered investment grade and those below non investment grade
  • Short-term ratings, in decreasing order: P-1 (best), P-2, P-3, Not Prime