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                              Air Liquide
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                              Credit ratings

                              A regular assessment by S&P and Moody's

                              Air Liquide’s credit ratings are based upon its credit worthiness and its ability to repay its debt. The Group is regularly assessed by the credit rating agencies Standard & Poor’s and Moody’s.

                              Air Liquide’s credit ratings

                              Agencies Analyst Short-term
                              rating
                              Long-term
                              rating
                              Outlook
                              S&P Gaetan Michel A-2
                              July 22, 2019
                              A-
                              July 22, 2019
                              Positive
                              July 22, 2019
                              Moody's Moritz Melsbach P2
                              June 28, 2019
                              A3
                              June 28, 2019
                              Stable
                              June 28, 2019

                              ?

                              Standard & Poor's

                              S&P long term credit ratings history:

                              Rationales behind S&P A- rating are excellent Business Risk as well as adequate Liquidity and a significant Financial Risk. S&P puts a strong focus on Air Liquide‘s earnings resilience and stable cash flow generation when analyzing the company's profitability and financial metrics. S&P views Air Liquide's profitability as less volatile than that of most specialty chemical companies.

                              The “Positive” outlook means that S&P could increase Air Liquide’s rating in the next 12 to 24 months if the FFO/Net debt ratio improves sustainably to 30% or higher.

                              The agency rates corporate issuers as follows:

                              • Long-term ratings, in decreasing order: AAA (best), AA, A, BBB, BB, B, CCC, CC, C, D, SD (Selectively Defaulted). The rating is completed by + or -. Companies with ratings above BB+ are considered investment grade and those below non investment grade
                              • Short-term ratings, in decreasing order: A-1+ (best), A-1, A-2, A-3, B, C, D

                              Moody's

                              Moody’s long term credit ratings history:

                              Moody’s rated Air Liquide’s long-term credit for the first time on May 24, 2016.

                              Rationales behind Moody’s A3 rating are stable and predictable cash flow generation supported by high barriers to entry, the low exposure to cyclical end-markets, ongoing efficiency gains and the ability to pass on most of increased input costs to Large Industries customers through price escalation clauses.

                              This rating reflects also Air Liquide’s revenue and profit resilience thanks to a strong end-market diversification.

                              Moody’s expects that Air Liquide will continue to balance growth capex and acquisition spending, shareholder remunerations and deleveraging.

                              The stable outlook reflects that Moody’s expects Air Liquide to continue to reduce its leverage and to generate substantial cash over the next 18 months.

                              The agency rates corporate issuers as follows:

                              • Long-term ratings, in decreasing order: Aaa (best), Aa, A, Baa, Ba, B, Caa, Ca, C (Selectively Defaulted). The rating is completed by an 1 (best in the category), 2 or 3. Companies with ratings above Ba1 are considered investment grade and those below non investment grade
                              • Short-term ratings, in decreasing order: P-1 (best), P-2, P-3, Not Prime

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