Fitch rates Wintershall Dea notes BB+

Fitch Ratings said it assigned Wintershall Dea Finance 2 BV’s proposed subordinated resettable fixed-rate notes an expected rating of BB+. Wintershall Dea GmbH will guarantee the notes on a subordinated basis. The agency affirmed Wintershall Dea’s long-term issuer default rating at BBB with a stable outlook.

The notes are deeply subordinated and rank senior only to Wintershall Dea’s share capital, while coupon payments can be deferred at the issuer’s option. These features are reflected in the rating being two notches lower than Wintershall Dea’s IDR, Fitch said.

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