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Bonds & Credit Rating

As a basis for and contribution to effective risk management and to ensure that the company will be able to pursue its strategies even during periods of economic downturn, Koninklijke DSM N.V. retains a solid financial policy.

北京快3线路 www.4w1e.cn In November 2015 DSM presented Strategy 2018: Driving Profitable Growth. With this new strategy DSM aims to capture the full potential of the portfolio it has created and translate this into improved financial results, focusing on organic sales growth, reducing costs and strict capital allocation.

Most of DSM's external funding needs are financed through long-term debt. Debt covenants are not included in the terms and conditions of outstanding bonds and financing arrangements. DSM aims to spread the maturity profile of outstanding bonds in order to have adequate financial flexibility.

DSM has a commercial paper program of €1,500 million that is available and two committed credit facilities totaling €1,000 million, consisting of €500 million maturing in September 2018 and €500 million in March 2020.

DSM's policy in the various sub-disciplines of the finance function is strongly oriented toward solidity, reliability and protection of cash flows. The finance function plays an important role in business steering.

Credit rating

Royal DSM aims to maintain a strong investment grade long-term credit rating for senior unsecured debt. To this purpose, regular review meetings between rating agencies and DSM senior management are arranged. The rating agencies Moody’s and Standard & Poors have awarded the following ratings for the company’s short-term debt and long-term debt:

Rating Agency Long/short term rating Outlook Last Update
Moody's A3 / P-2 Stable 18 May 2017
Standard & Poor's A- / A-2 Stable 8 June 2017

The weighted average interest rate of the bonds (including derivatives) was 3.40% in 2016 (3.63% in 2015).

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Publication of prospectuses on this website is done in accordance with legal requirements in connection with the admission to trading of securities.

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