Corporate rating

Fresenius’ credit quality is assessed and regularly reviewed by the leading rating agencies Moody’s, Standard & Poor’s, and Fitch. Standard & Poor’s rating for Fresenius SE is BB, Moody’s rating is Ba1 and Fitch’s rating is BB. Following the financing of the APP Pharmaceuticals acquisition, Standard & Poor’s and Fitch changed its rating outlook to “negative” in 2008. Based on its new assessments they raised it again to “stable” in 2009. Moody’s had confirmed its rating, which was raised from Ba2 to Ba1 in May 2008 following the acquisition announcement; its outlook was adjusted from “stable” to “negative”. This was confirmed by Moody’s in 2009.