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dsm-firmenich senior management hold regular review meetings with the Rating agencies as part of our commitment to maintaining strong investment grade credit ratings.
The rating agencies Moody’s and Standard & Poor’s have assigned the following ratings for the company’s long-term and short-term issuer credit ratings:
| Agency | Long/short-term issuer credit rating | Outlook | Last Updated |
| Moody's | A3/P-2 | Stable | 21-Apr-25 |
| Standard & Poor's | A-/A-2 | Stable | 14-Feb-25 |
In addition, DSM and Firmenich subsidiaries have been assigned the following issuer credit ratings:
| Agency | Long/short-term issuer credit rating | Outlook | Last Updated |
| Moody's | A3/P-2 | Stable | 21-Apr-25 |
| Standard & Poor's | A-/A-2 | Stable | 14-Feb-25 |
| Agency | Long/short-term issuer credit rating | Outlook | Last Updated |
| Standard & Poor's | A-/-- | Stable | 14-Feb-25 |
dsm-firmenich and its subsidiaries’ credit are only rated by S&P Global Ratings (S&P) and Moody’s to which dsm-firmenich provides accurate information necessary for their rating analyses, such as our management strategy, financial policies and financing matters.
dsm-firmenich and its subsidiaries have not obtained credit ratings from Scope and dsm-firmenich has not provided any information to Scope. Therefore Scope’s unsolicited opinions and publications regarding dsm-firmenich are based on their subjective assumptions and hypotheses with no reasonable basis for support.
dsm-firmenich aims to spread the maturity profile of outstanding bonds in order to have adequate financial flexibility.
Debt covenants are not included in the terms and conditions of outstanding bonds and financing arrangements.
* The Issuer is allowed to call the Hybrid Notes from the First Call Date (i.e. June 3, 2025) up to and including the First Reset Date (i.e. September 3, 2025).
dsm-firmenich’s €8 billion Debt Issuance Program is a framework with standard terms & conditions, which are applicable if Notes are issued. Additionally, the Debt Issuance Program includes risk factors, company description, financial information and the form of final terms of debt instruments. These terms & conditions, form of final terms, risk factors and financial information are laid down in the Base Prospectus.
The Commission de Surveillance du Secteur Financier (CSSF), which is responsible for supervising the professionals and products of the Luxembourg financial sector, approved the Prospectus on 2 May 2025. This approval is valid for 1 year.
Click here to find all relevant documents pertaining to the Debt Issuance Program
As required by the respective competent authority, we are required to maintain a list of prospectuses, documents referred to in the prospectuses, supplements to the prospectuses and/or the final terms of base prospectuses for a period of 10 years:
| Issuer | ISIN | Issue date | Maturity date
| Coupon | Amount outstanding (EUR M) | Original Tenor | Format |
|---|---|---|---|---|---|---|---|
| DSM BV | XS1495373505 | 28-Sep-16 | 28-Sep-26 | 0.75% | 750 | 10 years | Senior unsecured |
| XS2193978363 | 23-Jun-20 | 23-Jun-28 | 0.25% | 500 | 8 years | Senior unsecured | |
| XS2193979254 | 23-Jun-20 | 23-Jun-32 | 0.63% | 500 | 12 years | Senior unsecured | |
| XS2852136063 | 2-Jul-24 | 2-Jul-34 | 3.63% | 800 | 10 years | Senior unsecured | |
| XS3009012637 | 25-Feb-25 | 25-Feb-36 | 3.38% | 750 | 11 years | Senior unsecured | |
| Firmenich Productions Participations SAS | XS2166619663 | 30-Apr-20 | 30-Apr-30 | 3.38% | 750 | 10 years | Senior unsecured |
| XS2166619820 | 30-Apr-20 | 30-Apr-30 | 1.75% | 750 | 10 years | Senior unsecured | |
| ELM BV | XS2182055009 | 3-Jun-20 | - | 3.75% | 750 | - | Hybrid |
| 2024 | 2023 | |||
| Borrowings amount in € million | Total | Of which current | Total | Of which current |
| Debenture loans | 4,451 | 500 | 4,133 | 500 |
| Private loans | 132 | 73 | 254 | 104 |
| Lease liabilities | 524 | 90 | 415 | 84 |
| Credit institutions | 173 | 173 | 28 | 28 |
| Total | 5,280 | 836 | 4,830 | 716 |
dsm-firmenich's Euro Commercial Paper Program is a framework with standard terms and conditions which are applicable if Notes are issued. The Euro Commercial Paper Program is not quoted on a stock exchange. The terms & conditions of this program are laid down in the Memorandum.
| Issuer | DSM B.V. |
| Short term rating | Moody's: P-2, Standard & Poor's: A-2 |
| Date of implementation | 11-Aug-23 |
| Maximum Volume | € 2,000,000,000 |
| Tenor | Between 1 and 364 days |
| Minimum denomination | €100,000 or £100,000 |
| Clearing agent | Euroclear |
| Dealers | ABN AMRO Bank N.V., BNP Paribas Fortis SA/NV, Citigroup Global Markets Europe AG, Citigroup Global Markets Limited, Coöperatieve Rabobank U.A. and ING Bank N.V. |
| Issuing & Paying agent | Citibank, N.A., London Branch |
In 2024 dsm-firmenich concluded a new €1.8 billion revolving credit facility (RCF) to replace existing RCF arrangements which would have expired in 2025: DSM’s €1 billion RCF and Firmenich’s CHF 750 million RCF. The syndicated facility, which dsm-firmenich entered into with a group of 15 banks, has a tenor of five years and two one-year extension options. The agreement for the newly arranged committed credit facility neither contains financial covenants nor material adverse change clauses. At year-end 2024, no loans had been taken up under the committed credit facility.
On May 31, 2024 dsm-firmenich announced that it has signed a cross guarantee agreement between DSM B.V., Firmenich International SA and DSM-Firmenich AG, to mitigate structural subordination in the group. The agreement allows the group to develop a centralized financing structure, in line with its commitment to maintain strong investment grade ratings, and develop a pari-passu platform for existing and future senior unsecured notes. The cross-guarantee agreement is available below:
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