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Announcement:

Moody's changes its outlook on Evonik Industries to positive (CFR: Ba1)

20 Dec 2010

EUR750 million of rated outstanding debt securities affected

Frankfurt am Main, December 20, 2010 -- Moody's has today changed its outlook to positive from stable on all outstanding ratings of Evonik Industries AG. All outstanding ratings remain unchanged.

The change in outlook was prompted by Evonik Industries' announcement of a sale of a 51% stake in its energy business for an enterprise value of EUR3.77 billion as well as by the group's continued robust operating performance since we assigned our rating in September 2010.

The sale of a 51% stake in Steag and the full deconsolidation of the business is credit positive (remaining 49% stake will be equity accounted and is expected to be sold over the medium term). The deleveraging impact from the sale will be modest (pro forma of the sale and full deconsolidation of Steag RCF / Net debt is estimated at around 25% versus approximately 22% on an LTM September 2010 basis) but the transaction will de-risk the business profile of the group as Steag is seen as a relatively small utility with a very limited fuel mix and modest geographical diversification. Moody's also notes that the energy business is relatively capital intensive and has to some extent constrained the capital allocation to Evonik Industries' chemicals franchise. Lastly the deconsolidation of Steag is further evidence that the management of Evonik Industries continues to address structural subordination issues, an expectation that Moody's had factored in the absence of notching of the senior unsecured instrument rating.

Evonik Industries' liquidity position is strong. The group had EUR1.3 billion of cash & marketable securities plus EUR200 million in near cash assets on balance sheet at 30th September 2010. In addition Evonik Industries has access to a fully undrawn EUR1.5 billion revolving credit facility with ample covenant headroom. Main liquidity needs over the next twelve months mainly consisting of capex, working capital requirements and dividends are expected to be funded from operating cash flows.

Continued strong operating performance coupled with a prudent balance sheet management leading to Adjusted Net Debt / EBITDA of below 3.5x and Adjusted RCF / Net Debt of above 15% on a sustainable basis would exert positive pressure on the ratings.

A sharp deterioration in the operating environment and / or shift in the group's organic and external growth strategy leading to sustained negative free cash flow generation and / or a deterioration in Adjusted Net Debt / EBITDA to sustainably above 4.5x would lead to negative pressure on the ratings. The agency would also expect Evonik to maintain Adjusted RCF / Net Debt in the low double digit to avert negative pressure on the ratings.

The last rating action on Evonik Industries AG was on 21 September 2010, when Moody's assigned a first time Ba1 Corporate Family rating and a Ba1 instrument rating to EUR750 million of Senior Unsecured Notes issued by Evonik Industries AG.

The principal methodologies used in rating Evonik Industries AG were Global Chemical Industry published in December 2009, and Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Evonik Industries AG, headquartered in Essen, Germany, is the holding company of the Evonik Group, which holds interests in chemicals (considered as core business), energy and real estate businesses. While the roots of the company date back to 1843, the group in its current legal form was established in 2007 when the so-called white division of RAG AG was separated from the mining activities of the group and incorporated under EI. Evonik is majority owned by RAG Foundation, which was set up to fund liabilities relating to the termination of RAG's mining activities until 2018. Funds of the financial investor CVC Capital Partners have acquired a 25,01% stake in EI in 2008. EI reported revenues of EUR13.1 billion and an EBITDA of EUR2 billion for the fiscal year ended 31st December 2009. The company employed 38,361 people at fiscal year-end 2009.

Frankfurt am Main
Stanislas Duquesnoy
Vice President - Senior Analyst
Corporate Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
David G. Staples
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Deutschland GmbH
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Frankfurt am Main 60322
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JOURNALISTS: 44 20 7772 5456
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Moody's changes its outlook on Evonik Industries to positive (CFR: Ba1)
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