No action has been taken on the A/Positive corporate issuer rating on Air Liquide S.A. and its financing subsidiary Air Liquide Finance S.A. Similarly, no action was taken on the S-1 short-term rating and A senior unsecured debt rating.

Following the recent affirmation of the A/Positive issuer rating, Scope has updated its analytical report on Air Liquide S.A.

The rating and Outlook reflect Air Liquide’s leadership position in industrial gases and the displayed trend on decreasing leverage.

The rating reflects Air Liquide's position among the leading players in industrial gas and strong profitability but is held back by the financial risk profile.