Fitch Rating has upgraded Nectar Lifesciences’ long-term bank facilities rating to ‘A-(ind)’ from ‘BBB+ (ind)’ with stable outlook. The rating agency has also upgraded rating of Rs 490 crore long-term loans facilities of the company to ‘A-(ind)’ from ‘BBB+(ind)’, upgraded Rs 350 crore fund-based limits of the company to ‘A-(ind)/F1(ind)’ from ‘BBB+(ind)/’F2+(ind)’ and upgraded the company’s Rs 280 crore non-fund based limits to ‘F1(ind)’ from ‘F2+(ind)’.
The upgrades reflect strong revenue growth in the company’s pharmaceutical segment, coupled with an improvement in overall profitability margins. The upgrades also reflect an Rs 250 crore equity infusion through private equity investment and global depository receipts in March 2010 as well as an improvement in the company's credit profile and its comfortable liquidity profile over FYE10-FYE11.
Nectar Lifesciences is a $200 million pharmaceutical organization. The company offers a range of Cephalosporin active pharmaceutical ingredients (APIs) and finished dosage forms.
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