(Boursier.com) – Moody’s has placed the short-term credit rating “P-1″ Air Liquide under review for a lowering, after announcing the acquisition of Airgas for $ 13.4 billion. This transaction will deteriorate credit metrics of the French group, even taking into account the capital increase of 3 to 4 billion euros planned by management. The analyst believes that the RCF / net debt ratio will drop to around 15% against a requirement of over 25% for the notation “P-1″ (RCF “Retained cash flow”, that is to say, cash flow from operations including dividends are deducted). However, the credit rating of the specialist thinks that the group’s ratios will gradually recover and rise to 20% by end of 2017 / beginning of 2018.
At the same time, Moody’s concedes that the acquisition the US makes sense from a strategic point of view, given the complementarity of the two companies. If lowering the short-term rating, the agency estimates that Air Liquide will benefit from a “P-2″ high.
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