Creditreform Rating has downgraded the unsolicited corporate issuer rating of OMV AG from A to A-. The outlook remains stable. With the unsolicited corporate issuer rating of A-, OMV AG possess a high level of creditwothiness and a lower risk of default. Building on a solid stand-alone rating, the relative proximity to the Austrian state has a slightly positive effect on the rating. We assume a certain likelihood of financial support for OMV from the Republic of Austria in an event of a crisis. Based on the business development in 2020, which will be impacted on one hand by lower oil and gas prices but also by impairments, we assume a deterioration in the results of the 2020 financial key figure analysis. Overall, this, together with a deteriorated medium to long-term assessment of the business model, which remains heavily dependent on fossil fuels, leads to a downgrade of 1 notch to A-. The one-year outlook for the rating is stable. We presume that with assumed progress towards a sustainable containment of the COVID-19 pandemic and an economic recovery in 2021, oil and gas prices and the demand for crude oil derivatives will improve as a result.
Creditreform Rating has carried out an unsolicited rating of OMV Aktiengesellschaft. The rating has been set to A with stable outlook.