Heerlen, NL, 26 Feb 2009 16:15 CET
Royal DSM N.V., the global Life Sciences and Materials Sciences company headquartered in the Netherlands, announces today that credit rating agencies Standard & Poor’s and Moody’s have confirmed their credit ratings for the company.
DSM aims to maintain a single A long-term credit rating for senior unsecured debt. Standard & Poor’s has confirmed its ‘A-‘ long-term and ‘A-2’ short term credit rating for DSM with a stable outlook. Moody’s has confirmed its ‘A3’ long term and ‘P-2’ short term rating for the company, also with a stable outlook.
“We are very pleased with the confirmation of our credit rating by both agencies. This underlines our solid financial position. This will ensure that we will be able to pursue our strategy even during this period of economic downturn, when credit worthiness is more important than ever”, Rolf-Dieter Schwalb, member of the DSM Managing Board and Chief Financial Officer said.
In DSM’s financial policy, the company aims for a net debt which is between 30 and 40% of equity plus net debt in normal times (currently the objective is to stay below 30%) and an operating profit before amortization and depreciation (EBITDA) which is at least 8.5 times the balance of financial income and expense.