Dürr AG — Capital/Financing Update 2005

Mar 18, 2005

News Details

Ad-hoc | 18 March 2005 12:23

Dürr AG:S&P downgrades Dürr rating by one notch to “B+”

Ad hoc announcement §15 WpHG S&P downgrades Dürr rating by one notch to “B+” Dürr AG:S&P downgrades Dürr rating by one notch to “B+” Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— S&P downgrades Dürr rating by one notch to “B+” Stuttgart, March 18, 2005 – Standard & Poor’s has downgraded Dürr AG’s credit rating from “BB-” to “B+”. The rating agency notified the company of its action this morning. The rating outlook is stable. The reasons cited for the decision are the past year’s earnings performance and the currently difficult environment in the automotive industry. S&P also refers to comparison with other companies in the same rating and sector categories. S&P has lowered the issue rating for Dürr’s subordinated corporate bond placed in July for EUR 200 million from “B” to “B-“. The outlook is stable. The management intends to improve the company’s rating as soon as possible through efficiency gains achieved by the ongoing SPRINT SQUARED earnings enhancement program and greater market clout resulting from the new corporate structure implemented at the beginning of March. The main goal is to raise earning power and reduce financial debt. Dürr had reported preliminary business figures on February 23 and announced the realignment of its group structure. The plant and mechanical engineering company is thus concentrating on its strengths and arranging its operations in two divisions: Paint and Assembly Systems and Measuring and Process Systems. Contact: Dürr AG, Stephan Haas, Corporate Communications & Investor Relations Tel.: +49 (0)711 136-1785, Fax: +49 (0)711 136-1034, E-Mail: corpcom@durr.com Dürr AG Otto-Dürr-Strasse 8 70435 Stuttgart – Zuffenhausen Deutschland ISIN: DE0005565204 (SDAX) WKN: 556520 Listed: Amtlicher Markt in Frankfurt (Prime Standard) und Stuttgart; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg und Hannover End of ad hoc announcement (c)DGAP 18.03.2005 181223 Mär 05