English Français Investors Credit investor Credit ratings Credit ratings A regular assessment by S&P and Moody's CREDIT RATINGS STANDARD & POOR'S MOODY'S Air Liquide’s credit ratings are based upon its credit worthiness and its ability to repay its debt. The Group is regularly assessed by the credit rating agencies Standard & Poor’s and Moody’s. Air Liquide’s credit ratings Agencies Analyst Short - term rating Long - term rating Outlook Last update S&P Oliver Kroemker A-1 Last change (28/07/2021) A Last change (28/07/2021) Stable Last change (28/07/2021) July 28, 2021 Moody's Moritz Melsbach P2 Last change (24/05/2016) A-3 Last change (24/05/2016) Positive Last change (04/05/2021) May 4th 2021 Credit opinion published by S&P on July 28, 2021 Credit opinion published by Moody's on May 7, 2021 Standard & Poor's S&P long term credit ratings history: Rationales behind S&P A rating are excellent Business Risk as well as adequate Liquidity and an intermediate Financial Risk. S&P puts a strong focus on Air Liquide‘s earnings resilience and stable cash flow generation when analyzing the company's profitability and financial metrics. S&P views Air Liquide's profitability as less volatile than that of most specialty chemical companies. S&P underlines the high investments of Air Liquide in the energy transition and particularly in the hydrogen business which represents a significant growth opportunity for the Group. The “stable” outlook means that Air Liquide benefits from a balanced financial profile, namely through the resilience of its CapEx, acquisitions, divestitures and shareholder distributions. S&P expects the FFO/Net debt ratio to remain sustainably over 30% for the next two years, thus enabling Air Liquide to maintain an “A” rating. The agency rates corporate issuers as follows: Long-term ratings, in decreasing order: AAA (best), AA, A, BBB, BB, B, CCC, CC, C, D, SD (Selectively Defaulted). The rating is completed by + or -. Companies with ratings above BB+ are considered investment grade and those below non investment grade Short-term ratings, in decreasing order: A-1+ (best), A-1, A-2, A-3, B, C, D Moody's Moody’s long term credit ratings history: Moody’s rated Air Liquide’s long-term credit for the first time on May 24, 2016. Rationales behind Moody’s A3 rating are stable and predictable cash flow generation supported by high barriers to entry, the low exposure to cyclical end-markets, ongoing efficiency gains and the ability to pass on most of increased input costs to Large Industries customers through price escalation clauses. This rating reflects also Air Liquide’s revenue and profit resilience thanks to a strong end-market diversification. Moody’s expects that Air Liquide will continue to balance growth capex and acquisition spending, shareholder remunerations and deleveraging. The positive outlook on Air Liquide’s A3 rating reflects Moody’s expectation that Air Liquide’s credit metrics will approach a level deemed to be commensurate with a higher rating in the next 12-18 months. The agency rates corporate issuers as follows: Long-term ratings, in decreasing order: Aaa (best), Aa, A, Baa, Ba, B, Caa, Ca, C (Selectively Defaulted). The rating is completed by an 1 (best in the category), 2 or 3. Companies with ratings above Ba1 are considered investment grade and those below non investment grade Short-term ratings, in decreasing order: P-1 (best), P-2, P-3, Not Prime CREDIT INVESTOR Bond issues Financing our strategy of long-term growth Air Liquide Finance A dedicated entity for financing activities A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 78 countries with approximately 64,500 employees and serves more than 3.8 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902. AIR LIQUIDE WORLDWIDE Please select Angola Antilles Argentina Australia Austria Bahrain Belgium Benin Botswana Brazil Brunei Bulgaria Burkina Faso Cameroon Canada Chile Colombia Congo Denmark Dominican Republic Egypt Eswatini Finland France French Guiana Gabon Germany Ghana India Indonesia Ireland Italy Ivory Coast Japan Kazakhstan Korea Kuwait Luxembourg Madagascar Mainland China Malaysia Mali Mexico Morocco Mozambique Namibia Netherlands New Zealand Nigeria Norway Oman Paraguay Philippines Poland Portugal Qatar Romania Russia Saudi Arabia Senegal Singapore South Africa Spain Sweden Switzerland Taïwan Thailand Togo Trinidad and Tobago Tunisia Turkey Ukraine United Arab Emirates United Kingdom United States of America Uruguay Vietnam Gas encyclopedia Safety data sheets (SDS) Air Liquide Foundation Contact us CONNECT WITH US © Air Liquide 2021 Legal noticeCookie policyCreditsAccessibilitySitemap Manage cookies