Moody's assigns Evonik debt Baa3

Moody's Investors Service said it assigned a provisional Baa3 rating to the new €3 billion debt issuance program registered by Evonik Industries AG.

Moody's said the Baa3 senior unsecured issuer ratings of Evonik Industries and the positive outlook on the ratings are underpinned by the company's strong business profile, supported by its significant size and leading market positions.

The business model benefits from the vertical integration and cost optimization that together with the improved focus on higher-margin specialty segments support Evonik's robust margins, the agency said.

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