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Fitch ups Nectar Lifesciences
Fitch Ratings said it upgraded Nectar Lifesciences Ltd.'s national long-term rating to A-(ind) from BBB+(ind), along with its Rs. 4.9 billion long-term loans, enhanced from Rs. 1 billion, to A-(ind) from BBB+(ind); Rs. 3.5 billion fund-based limits, enhanced from Rs. 3.3 billion, to A-(ind)/F1(ind) from BBB+(ind)/F2+(ind); and Rs. 2.9 billion non-fund based limits, enhanced from Rs. 1.9 billion, to F1(ind) from F2+(ind).
The outlook is stable.
The upgrades reflect strong revenue growth in the company's pharmaceutical segment, coupled with an improvement in overall profitability margins, Fitch said.
The upgrades also consider a Rs. 2.5 billion equity infusion through private equity investment and global depository receipts in March 2010, the agency said, as well as an improvement in the company's credit profile and its comfortable liquidity profile.
Fitch said it expects overall growth to remain robust as the company ventures into new markets.
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