S&P upgrades Evonik

Standard & Poor's said it raised the long-term corporate credit rating on Evonik Industries and its subsidiary Evonik Degussa GmbH to BBB+ from BBB.

The outlook is stable.

The agency also said it raised the ratings on the group's unsecured debt to BBB+ from BBB and affirmed its A-2 short-term corporate credit rating.

The upgrade reflects Evonik's higher profitability and reduced exposure to cyclical end-markets compared with most of its specialty chemical peers, S&P said.

The upgrade also considers a further improvement in Evonik's financial risk profile and significant improvement in Evonik's 2011 credit metrics, the agency said.

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