Ratings

The world’s three major rating agencies, Standard & Poor’s, Moody’s Investors Service and Fitch Ratings, again confirmed their existing investment-grade ratings for LANXESS in the reporting year. In summer 2013, in light of the challenges facing LANXESS, the rating agencies adjusted their outlook from stable to negative.

In their analyses, the rating agencies expect LANXESS to return to good growth and increase profitability in the mid-term. In the short term, however, they see uncertainties associated with the persistently weak demand situation in the European automotive and tire industries and the pressure on margins in the synthetic rubber business. These uncertainties are reflected in the adjusted outlook. The rating agencies noted as positive aspects such as LANXESS’s good positions in intermediates and specialty chemicals and the company’s continued strong liquidity.

Standard & Poor’s and Moody’s have had LANXESS at a BBB and a Baa2 rating, respectively, since 2007. Fitch has rated LANXESS at BBB since 2006.