On May 13, 2008, Standard & Poor's Ratings Services revised its outlook on Germany-based health care group Fresenius SE and its subsidiary Fresenius Medical Care AG & Co. KGaA (FME) to positive from stable. At the same time, all ratings, including the 'BB' long-term corporate credit ratings, were affirmed. The outlook revision reflects improved debt protection measures at Fresenius SE and FME. This has been achieved through good cost control and operating efficiency improvements on the back of healthy organic sales growth at all divisions, helped by contributions from acquisitions. For the 12 months to March 31, 2008, Fresenius SE and FME achieved adjusted debt to EBITDA of about 3.1x and 3.4x and adjusted funds from operations (FFO) to debt...
Companies mentioned in this report are:
- Fresenius SE & Co. KGaA
- Fresenius Medical Care AG & Co. KGaA
- Fresenius Finance B.V.
Action: Outlook: Positive
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Product Type: Research Update
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