S&P ups Evonik

Standard & Poor's said that it raised the long-term corporate credit and debt ratings on Evonik Industries and its subsidiary Evonik Degussa GmbH to BBB from BB+ and the short-term corporate credit ratings to A-2 from B.

The outlook is stable.

The upgrade reflects significant improvement in Evonik's credit metrics following the disposal of its energy division Steag in combination with expected continued robust operating performance, the agency said.

The stable outlook factors in the expectation of a supportive medium-term chemical environment as well as further reductions of Evonik's pension deficit and adjusted debt in 2011-2012, the agency added.

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