Würth Group terminates cooperation with rating agency Fitch Ratings Ltd.
Künzelsau. Towards the end of 2013, the Würth Group terminates its long-standing cooperation with the rating agency Fitch Ratings Ltd. and terminated the rating contract. The reason for this decision was the cost-benefit ratio.
The rating contract with Standard & Poor’s remains unchanged. That way it is safeguarded that investors, creditors and business associates of the Würth Group will also in future be able to rely on a differentiated and clear appraisal of the Group's credit worthiness provided by an independent and critical rating agency. Thanks to its very good reputation on the capital market and the transparent communication with investors and creditors, the Würth Group is in a very good position to also in the future successfully implement financing projects at attractive conditions.
All those ratings are affected by the change after January 1, 2014 that Fitch gave to the Würth Group. Apart from the short and long-term Issuer Default Rating of Adolf Würth GmbH & Co. KG, these include the ratings of the bonds in euros and Swiss francs issued by Würth Finance International B.V. (Netherlands). Since 2000, Standard & Poor’s has been rating both the long-term financial standing of the Würth Group and the outstanding bonds of Würth Finance International B.V. with an A without any major changes.
About the Würth Group
The Würth Group is the world's market leader in its core business, the trade in assembly and fastening materials. It currently consists of more than 400 companies in 80 countries and has over 60,000 employees on its payroll. Approximately 30,000 of them are permanently employed sales representatives. In the business year 2012, the Würth Group attained a worldwide sales volume of EUR 9.98 billion. In the core business, the Würth Line, the product range for trades and industry comprises over 100,000 products: from screws, screw accessories and anchors to tools, chemical-technical products and personal protective equipment. The Allied Companies of the Würth Group, which either operate in business areas related to the core business or in diversified business areas, round off the range by offering products for DIY stores, material for electrical installations, electronic components such as circuit boards as well as financial services. They account for more than 40 percent of the Würth Group's sales volume.