Announcements

    Drinks

      FRIDAY, 10/02/2017 - Scope Ratings GmbH
      Download PDF

      Scope rates A+ senior unsecured debt issued by Linde Finance B.V. and Linde AG

      The first-time ratings for the senior unsecured debt are derived from Linde’s issuer rating of A+ and driven by the group‘s very credit-positive business risk profile, strong market position and the management’s extremely conservative financial policy.

      The ratings are on the same level as the issuer ratings which – in case of Linde Finance B.V. – reflects Linde AG’s irrevocable and unconditional guarantee for all issued debt of this seniority.

      Download the Linde AG rating report.

      Legal and regulatory disclosures

      Information pursuant to Regulation (EC) No 1060/2009 on credit rating agencies, as amended by Regulations (EU) No. 513/2011 and (EU) No. 462/2013
      Responsibility
      The party responsible for the dissemination of the financial analysis is Scope Ratings AG, Berlin, District Court for Berlin (Charlottenburg) HRB 161306 B, Executive Board: Torsten Hinrichs (CEO), Dr Stefan Bund, Dr Sven Janssen.
      The rating analysis has been prepared by Olaf Tölke, Lead Analyst
      Responsible for approving the rating: Dr Stefan Bund, Committee Chair

      Information on interests and conflicts of interest
      The rating was prepared independently by Scope Ratings but for a fee based on a mandate of the rated entity. The issuer  participated  the rating process.
      As at the time of the analysis, neither Scope Ratings AG nor companies affiliated with it hold any interests in the rated entity or in companies directly or indirectly affiliated to it. Likewise, neither the rated entity nor companies directly or indirectly affiliated with it hold any interests in Scope Ratings AG or any companies affiliated to it. Neither the rating agency, the rating analysts who participated in this rating, nor any other persons who participated in the provision of the rating and/or its approval hold, either directly or indirectly, any shares in the rated entity or in third parties affiliated to it. Notwithstanding this, it is permitted for the above-mentioned persons to hold interests through shares in diversified undertakings for collective investment, including managed funds such as pension funds or life insurance companies, pursuant to EU Rating Regulation (EC) No 1060/2009. Neither Scope Ratings nor companies affiliated with it are involved in the brokering or distribution of capital investment products. In principle, there is a possibility that family relationships may exist between the personnel of Scope Ratings and that of the rated entity. However, no persons for whom a conflict of interests could exist due to family relationships or other close relationships will participate in the preparation or approval of a rating.

      Editor’s note: The press release was amended on 15 February 2017. In the sub-headline the word “very” was added to the sentence, and it now states: “the group’s very credit-positive business risk profile”. Also, the last part of the sub-headline was changed from “extremely conservative management policies” to “the management’s extremely conservative financial policy”.

      Key sources of information for the rating
      Annual reports/semi-annual reports of the parent entity - Website of the parent entity - Detailed information provided on request - Data provided by external data providers - Interview with the parent entity - External market reports - Press reports/other public information

      Scope Ratings considers the quality of the available information on the evaluated company to be satisfactory. Scope ensured as far as possible that the sources are reliable before drawing upon them, but did not verify each item of information specified in the sources independently.

      Examination of the rating by the rated entity prior to publication
      Prior to publication, the rated entity was given the opportunity to examine the rating and the rating drivers, including the principal grounds on which the credit rating or rating outlook is based. The rated entity was subsequently provided with at least one full working day, to point out any factual errors, or to appeal the rating decision and deliver additional material information. Following that examination, the rating was not modified.

      Methodology
      The methodology applicable for this rating (Corporate Rating Methodology) is available on www.scoperatings.com. The historical default rates of Scope Ratings can be viewed on the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope’s default rating, definitions of rating notations and further information on the analysis components of a rating can be found in the documents on methodologies on the rating agency’s website.
      Conditions of use / exclusion of liability

      © 2017 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings AG, Scope Analysis, Scope Investor Services GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope cannot, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided “as is” without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or otherwise damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party, as opinions on relative credit risk and not as a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings AG at Lennéstraße 5 D-10785 Berlin.

      Rating issued by
      Scope Ratings AG, Lennéstraße 5, 10785 Berlin.

       

      Related news

      Show all
      Scope affirms Hungarian construction company DVM's B issuer rating, revises Outlook to Negative

      30/4/2025 Rating announcement

      Scope affirms Hungarian construction company DVM's B issuer ...

      Scope downgrades IB Invest to C from CC/Stable and places it under review for a possible downgrade

      29/4/2025 Rating announcement

      Scope downgrades IB Invest to C from CC/Stable and places it ...

      Scope affirms BBB- issuer rating on Deutsche Lufthansa and revises Outlook to Stable from Positive

      28/4/2025 Rating announcement

      Scope affirms BBB- issuer rating on Deutsche Lufthansa and ...

      Scope proposes an update to its Retail and Wholesale Rating Methodology and invites comments

      25/4/2025 Research

      Scope proposes an update to its Retail and Wholesale Rating ...

      Scope affirms BBB+/Stable issuer rating of Hungarian pharmaceutical Richter

      25/4/2025 Rating announcement

      Scope affirms BBB+/Stable issuer rating of Hungarian ...

      Scope affirms the issuer rating of Sun Group at B+, assigns Stable Outlook

      24/4/2025 Rating announcement

      Scope affirms the issuer rating of Sun Group at B+, assigns ...