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Credit investor presentation

Air Liquide reviews the Group’s financing strategy on a regular basis to provide support to its growth objectives and take into account changes in financial market conditions, all while respecting a credit profile in line with a minimum long term rating of “A” range from Standard & Poor’s and Moody’s.

Financing tools

Air Liquide diversifies its financing sources by accessing various debt markets. In the long run, the Group funds itself with bond issues, usually though its Euro Medium-Term Notes programme (EMTN), targeting European, American, as well as Chinese markets. Over the short term, Air Liquide has recourse to Negotiable European Commercial Paper (formerly Billet de Tresorerie) and US Commercial Paper.

Sustainable finance

As part of our growth strategy, joining economic performance and sustainable development, Air Liquide has announced its new objectives to ACT for a sustainable future. Air Liquide’s financial policy is part of its responsible and sustainable business model. In this context, Air Liquide decided to develop new sustainable financial instruments.

Bond issues

Air Liquide uses bonds to fund its long term profitable growth strategy and to benefit from attractive market conditions. The Group offers its bond issues to institutional investors such as fund managers, insurance and pension funds and public and private banks.

Credit ratings

Air Liquide’s credit ratings are based upon its credit worthiness and its ability to repay its debt. The Group is regularly assessed by the credit rating agencies Standard & Poor’s and Moody’s.

Air Liquide Finance

Air Liquide Finance is a wholly owned entity of L’Air Liquide S.A., incorporated in 1999 under the laws of France, as a dedicated subsidiary for financial activities.