DUSSELDORF, Germany, April 14 /PRNewswire-FirstCall/ -- The rating agency Standard & Poor's has raised the Gerresheimer Group's rating from BB to BB+ with "Outlook stable". This means that Gerresheimer is now only one step away from an investment grade rating.
In its justification for the upgrade, Standard & Poor's emphasises the positive operating trend for the Group, with rising sales and EBITDA. Gerresheimer, it says, will be able to sustain this growth in the short to medium term. It notes that Gerresheimer enjoys leading positions in a growing market characterised by high entry barriers.
"The rating upgrade of Gerresheimer by Standard & Poor's confirms our strategy and is further proof of our successful business development. This is an incentive for us to stick to our course in 2008," says Dr. Axel Herberg, CEO of Gerresheimer AG.
This is already the second upgrade for Gerresheimer over a short period. The rating agency Moody's also gave the Group a better rating on March 17, 2008.
Gerresheimer employs more than 10,800 people in 41 locations in Europe, America and Asia. In the financial year 2007, worldwide sales totalled EUR 957.7m. The product portfolio ranges from pharmaceutical vials made of glass and plastic through to complex drug-delivery systems for the pharma & life science industry. These include sterile syringes, inhalers and other system-based approaches for safe dosage and application of medications. The Group enjoys a leading position in markets which are characterised by high technical and regulatory barriers.
SOURCE Gerresheimer AG