Polymer manufacturer receives investment-grade rating
Covestro’s first issuer rating confirms the company’s creditworthiness on the international capital market. On Wednesday, one day after it was floated on the stock market, the polymer manufacturer received a Baa2 rating with a stable outlook from Moody’s Investors Service in London, putting Covestro in the investment-grade category.
“We are delighted that Moody’s has given the company the solid investment-grade rating we were targeting,” said Covestro CFO Frank H. Lutz. “It reflects our solid financial position and creates a good basis for our corporate financing.”
Covestro – formerly Bayer MaterialScience – has been a separate legal and economic entity since September 1, 2015. Its shares are listed in the regulated market segment (Prime Standard) of the Frankfurt Stock Exchange since Tuesday. The free float is around 31 percent, with Bayer AG as the previous sole owner holding the remaining shares.
