In its first rating for the newly launched shares of engineering plastics producer Covestro, ratings agency Moody’s has given the former Bayer MaterialScience a Baa2 investment grade rating with stable outlook.

The rating confirms the company’s creditworthiness on the international capital market.

“We are delighted that Moody’s has given the company the solid investment-grade rating we were targeting,” said Covestro CFO Frank H. Lutz. “It reflects our solid financial position and creates a good basis for our corporate financing,” he added.

On Oct. 7, the day after the launch in the prime standard of the Frankfurt Stock Exchange, Covestro was still trading in about the same range as on its first day, when the shares issued at €24 rose by around 12% to over €26.