Expanding in Circular Economy
FULL INVESTMENT GRADE RATING MAINTAINED
ROBUST BALANCE SHEET WITH AMPLE FINANCIAL HEADROOM
BBB+
BBB
BBB-
BB+
BB
HISTORICAL FOREIGN LONG TERM RATINGS
---MOL Fitch
---MOL S&P
COMMENTS
In June 2023 Fitch revised outlook to stable from negative
while reaffirming investment grade rating of BBB-
In July 2023 Standard & Poor's performed annual review
and made no changes to MOL's investment grade rating of
BBB- with stable outlook
2022
2021
2020
2019
2015
2014
2013
2012
2011
2010
Note: S&P has been rating MOL since 2005, Fitch since 2010
NET DEBT TO EBITDA (X)
2018
2017
2016
Upper end of
indebtedness
comfort zone
1,61
2.0
1.5
1,31
2023
2023 target
'Q1 2023 Q2 2023 Q3 2023
COMMENTS
Credit metrics shall remain commensurate with investment
grade credit rating
Following a temporary jump in 2021 leverage fell below pre-
ACG acquisition levels on the back of strong 2021 CF
generation
► Balance sheet flexibility may in the future again be used to
grab new business opportunities (including funding M&A in
all businesses)
MOLGROUP | 70
0,97
1.0
0,74
0.5
0,65
0,41
0,82
0,65
0,59
0,30
0,30
0,16
HH
2014
2015
2016
2017
2018
2019
2020
2021
2022View entire presentation