Moody's upgrades Air Liquide

Moody's Investors Service said it upgraded Air Liquide SA's long-term issuer rating to A2 from A3. Concurrently, the agency raised the ratings of all senior unsecured notes and senior unsecured medium-term note programs issued by Air Liquide and its subsidiary Air Liquide Finance to A2 and (P)A2 from A3 and (P)A3, respectively. The outlook has been changed to stable from positive.

“The upgrade of Air Liquide's ratings reflects Moody's expectation that the company will continue to improve its credit metrics to a level commensurate with an A2 rating and sustain these metrics through a range of economic scenarios. The A2 rating incorporates the stability and resilience of Air Liquide's earnings and cashflow generation, as well as the company's continued balanced financial policy,” the agency said in a press release.

The outlook mirrors the view that Air Liquide’s metrics will improve to A2 and stay in line with the expectations for that rating, Moody’s said.

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