Bonds & Rating
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| Overview: |
Bonds
A bond is a form of long-term debt financing via the capital market.
List of the Fresenius Group's bonds:
| Issuer | Volume in million | Coupon | Maturity |
| Fresenius Finance B.V. | € 100 | 7.5 % | 2009 |
| Fresenius Finance B.V. | € 500 | 5.00 % | 2013 |
| Fresenius Finance B.V. | € 500 | 5.50 % | 2016 |
| FMC Finance III S.A. | $ 500 | 6 7/8 % | 2017 |
| Fresenius Medical Care Capital Trust IV | $ 225 | 7 7/8 % | 2011 |
| Fresenius Medical Care Capital Trust V | € 300 | 7 3/8 % | 2011 |
Click here for details of the debt instruments listed above (PDF-file 33 KB).
Euro Notes
The Fresenius Group is also active in the European private placement market and uses this market for the issuance of Euro Notes (German: Schuldscheindarlehen).
List of the Fresenius Group's Euro Notes:
| Issuer | Volume in million | Coupon | Maturity |
| FMC Finance S.à.r.l. Luxembourg-IV | € 126 | 4.573 % | 2009 |
| FMC Finance S.à.r.l. Luxembourg-IV | € 74 | Floating | 2009 |
| Fresenius Finance B.V. | € 26 | 5.51 % | 2012 |
| Fresenius Finance B.V. | € 74 | Floating | 2012 |
| Fresenius Finance B.V. | € 61.5 | 5.59 % | 2012 |
| Fresenius Finance B.V. | € 138.5 | Floating | 2012 |
| Fresenius Finance B.V. | € 38 | 5.753 % | 2014 |
| Fresenius Finance B.V. | € 62 | Floating | 2014 |
| Fresenius Finance B.V. | € 112.5 | 5.98 % | 2014 |
| Fresenius Finance B.V. | € 87.5 | Floating | 2014 |
Maturities
Click here for an overview of the maturity profile of the financing facilities of the Fresenius Group (PDF-file, 23 KB).
Financial targets
Net debt/EBITDA is a key financial ratio used within the Fresenius Group. As of December 31, 2007, this ratio was 2.6. Our mid-term goal is to reach a ratio in the range of 2.5, primarily through earnings improvements and a continued positive cash flow development. This target is on the assumption that no major acquisition opportunities arise.
Company rating
Fresenius has been covered by the two leading rating agencies Moody's and Standard & Poor's since end of 2002. Due to the announced acquisition of APP Pharmaceuticals in July 2008, Standard & Poor’s changed the rating outlook from “positive” to "negative".
The following table shows Fresenius SE's current ratings:
 | Standard & Poor's | Moody's |
| Corporate Credit Rating | BB | Ba1 (under review) |
| Senior Debt | BB+ | Ba1 |
| Outlook Corporate Credit Rating | negative | under review |