Fresenius Group Ratings To Be Lowered To 'BB' After Renal Care Acquisition; Still On Watch Neg Jun 05

Standard & Poors, June 2005

Abstract
LONDON (June 30, 2005)--Standard & Poor's Ratings Services said today it is maintaining its 'BB+' long-term corporate credit ratings on the world's leading dialysis services provider, Germany-based Fresenius Medical Care AG (FME), and its parent, Fresenius AG (Fresenius), on CreditWatch with negative implications, where they were placed on May 4, 2005, following FME's announcement that it had agreed to acquire North America's third-largest dialysis services provider Renal Care Group Inc. (RCG; BB-/Positive/--). Standard & Poor's plans to lower the corporate credit ratings on both entities to 'BB' on completion of the $4 billion (including $500 million of assumed debt) debt-financed acquisition. The outlook will be negative. At the same time, the subordinated debt rating on the trust preferred securities issued...

Companies mentioned in this report are: Fresenius Medical Care AG & Co. KGaA,Fresenius SE & Co. KGaA,Renal Care Group Inc.
Action: CreditWatch Update

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Fresenius Medical Care AG & Co. KGaA,Fresenius SE & Co. KGaA,Renal Care Group Inc.

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