S&P rates Glenmark notes BB

S&P said it assigned BB long-term corporate credit rating to Glenmark Pharmaceuticals Ltd., along with a BB rating to the company's proposed senior unsecured notes.

The outlook is stable.

The ratings reflects the company's exposure to the highly competitive generic drugs market, manufacturing asset concentration and moderate revenue base with modest market shares in the United States and India, S&P said.

The company’s market share is improving, but it has historically low profitability, the agency added.

Nevertheless, the company's good product pipeline and regulatory compliance, healthy research and development investments and commitment to de-leverage with internal cash flows strengthen its credit profile, S&P added.

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