The DIG acquisition reduces balance-sheet flexibility and limits potential upside to credit metrics, driving the Outlook change.

No action has been taken on the A/Positive corporate issuer rating on Air Liquide S.A. and its financing subsidiary Air Liquide Finance S.A. Similarly, no action was taken on the S-1 short-term rating and A senior unsecured debt rating.

The unconditional and irrevocable guarantee from the parent, Air Liquide S.A., supports the rating.