Debt & credit

Discover our current position

Credit rating

dsm-firmenich senior management hold regular review meetings with the Rating agencies as part of our commitment to maintaining strong investment grade credit ratings.

The rating agencies Moody’s and Standard & Poor’s have assigned the following ratings for the company’s long- and short-term issuer credit ratings:

AgencyLong/short-term issuer credit rating OutlookLast Updated
Moody'sA3/P-2Stable24 April 2024
Standard & Poor's A-/A-2 Stable5 April 2024

In addition, DSM and Firmenich subsidiaries have been assigned the following issuer credit ratings:

DSM:

AgencyLong/short-term issuer credit rating OutlookLast Updated
Moody'sA3/P-2Stable24 April 2024
Standard & Poor's A-/A-2 Stable5 April 2024

Firmenich:

AgencyLong/short-term issuer credit rating OutlookLast Updated
Standard & Poor'sA-/--Stable5 April 2024

Debt

€8 billion debt issuance program

dsm-firmenich’s €8 billion Debt Issuance Program is a framework with standard terms & conditions, which are applicable if Notes are issued. Additionally, the Debt Issuance Program includes risk factors, company description, financial information and the form of final terms of debt instruments. These terms & conditions, form of final terms, risk factors and financial information are laid down in the Base Prospectus.

The Commission de Surveillance du Secteur Financier (CSSF), which is responsible for supervising the professionals and products of the Luxembourg financial sector, approved the Prospectus on 20 June 2024. This approval is valid for 1 year.

Cross guarantee agreement

On May 31, 2024 dsm-firmenich announced that it has signed a cross guarantee agreement between DSM B.V., Firmenich International SA and DSM-Firmenich AG, to mitigate structural subordination in the group. The agreement allows the group to develop a centralized financing structure, in line with its commitment to maintain strong investment grade ratings, and develop a pari-passu platform for existing and future senior unsecured notes.  The cross-guarantee agreement is available below:

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