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Fitch Affirms Glenmark Pharmaceuticals at 'BB'; Withdraws Proposed Bond Rating

Posted On: 2020-07-11 10:15:23

Fitch Ratings has affirmed India based Glenmark Pharmaceuticals Ltd's Long-Term Issuer Default Rating (IDR) at 'BB'. The Outlook is Stable. The agency has also affirmed Glenmark's USD200 million 4.50% senior unsecured notes due 2021 at 'BB'. The notes are rated at the same level as the IDR because they constitute Glenmark's direct and senior unsecured obligations. At the same time, Fitch has withdrawn the rating on Glenmark's proposed US-dollar bonds assigned in January 2020 as the company chose not to proceed with the offering.

Glenmark's geographic diversification and satisfactory record of regulatory compliance mitigate the business risk arising from its small size and support its rating relative to larger global generic drug makers. The rating affirmation also factors in Glenmark's adequate product pipeline, which, combined with robust longterm growth prospects in India, will limit the impact on profitability from continued pricing pressure in the US generic pharmaceutical market. Glenmark's de-risking strategies in its novel drug development programme will preserve its financial flexibility from the inherent risks.

The Stable Outlook reflects Fitch's expectation that leverage headroom will remain comfortable, as a prudent approach to capex and R&D, combined with proceeds from already announced or completed disposals in the financial year ending March 2021 (FY21), will support cash flow and counterbalance lower profitability stemming from the coronavirus pandemic. We believe Glenmark remains on track to address large debt maturities in 2021 over the next few months, despite the withdrawal of its proposed US-dollar notes. Nonetheless, failure to address debt maturities in line with our expectations would be credit negative.

The ratings were withdrawn with the following reason: Fitch is withdrawing Glenmark's proposed bond rating as the bonds were cancelled.

Shares of GLENMARK PHARMACEUTICALS LTD. was last trading in BSE at Rs.426.7 as compared to the previous close of Rs. 431.75. The total number of shares traded during the day was 251044 in over 8705 trades.

The stock hit an intraday high of Rs. 439.4 and intraday low of 425.25. The net turnover during the day was Rs. 108530857.

Source: Equity Bulls

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