DANBURY, Conn., April 9, 2003 — Standard & Poor's Ratings Services has raised the long term credit rating of Praxair, Inc. to "A -" from “BBB+" and affirmed the short-term credit rating of A-2.
In a press release issued by Standard & Poor's Rating Services today, Credit Analyst Wesley E. Chinn, stated, "The upgrade recognizes a very strong business profile that has demonstrated impressive resilience through a prolonged industrial downturn, as well as improved financial ratios."
James S. Sawyer, vice president and chief financial officer of Praxair, added, "This action acknowledges the strength of Praxair's business model and our commitment to deliver financial performance for both shareholders and creditors."
Moody's credit ratings of Praxair, Inc. are A3 for long term debt and P-2 for short-term debt.
Praxair is the largest industrial gases company in North and South America, and one of the largest worldwide, with 2002 sales of $5.1 billion. The company produces, sells and distributes atmospheric and process gases, and high-performance surface coatings. Praxair products, services and technologies bring productivity and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, metals and others. More information on Praxair is available on the Internet at www.praxair.com.
Director, Investor Relations
Vice President, Global Communications & Public Relations