Investor Presentaiton
FULL INVESTMENT GRADE RATING PRESERVED
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 2022 Fitch revised outlook to negative from stable
while reaffirming investment grade rating of BBB-
In June 2022 Standard & Poor's reaffirmed investment grade
rating of BBB- with stable outlook
Strong financials in line with favorable macro environment
2021
2020
2019
2018
2017
2014
2013
2012
2011
2010
Note: S&P has been rating MOL since 2005, Fitch since 2010
NET DEBT TO EBITDA (X)
2016
2015
Upper end of
indebtedness
comfort zone
2.0
1.5
1.31
1.0
0.5
0.79
2013
2014
0.74
0.97
1.61
2022
2023 target
0.65
0.30
2022
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
0.82
تاس
0.41
0.65
2015
2016
2017
2018
2019
2020
2021View entire presentation