Fitch assigns Bayer hybrid BBB+

Fitch Ratings said it affirmed Bayer AG's long-term issuer default rating at A with a negative outlook.

The short-term issuer default rating was affirmed at F1.

The agency also assigned a BBB+ subordinated rating to Bayer's €1.3 billion hybrid issue maturing 2075 and a 50% equity credit to this instrument. The new debt replaces the previous €1.3 billion 2105 issue at its call date in July 2015.

The structure of the new hybrid bond is consistent with that of its two 2014 hybrid issues and hence Fitch has aligned all three ratings at BBB+ with 50% equity credits for these subordinated instruments.

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