• Management Report 
  • Operations and Business Environment 
  • Results of Operations, Financial Position, Assets and Liabilities 
  • Non-Financial Performance Indicators and other Success Factors 
  • Overall Assessment of the Business Situation 
  • Opportunities and Risk Report 
    • Opportunities Management 
    • Risk Management 
    • Risk Areas 
    • Assessment of Overall Risk 
    • Corporate Rating 
  • Subsequent Events 
  • Outlook 

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Corporate Rating

CORPORATE RATING

Fresenius’ credit quality is assessed and regularly reviewed by the two leading rating agencies Moody’s and Standard& Poor’s. Standard & Poor’s overall rating for Fresenius SE is BB and Moody’s rating is Ba1. Following the financing of the APP Pharmaceuticals acquisition, Standard & Poor’s changed its rating outlook from “stable” to “negative” in 2008. Moody’s confirmed its rating, which was raised from Ba2 to Ba1 in May 2008. Moody’s adjusted its outlook from “stable” to “negative”. Standard & Poor’s has assigned a BB rating to the Senior Notes, while Moody’s assigned a Ba1 rating. This is in line with Fresenius SE’s existing unsecured Senior Notes and its corporate credit rating. The agencies’ ratings for Fresenius are as follows:

RATING OF FRESENIUS SE
	Standard & Poor’s	Moody’s	Fitch
Rating	BB	Ba1	BB
Outlook	negative	negative	negative