Fitch alters AstraZeneca view to positive

Fitch Ratings said it revised the outlook on AstraZeneca plc’s long-term issuer default rating to positive and affirmed the IDR and senior unsecured debt rating at BBB+.

“The positive outlook reflects our confidence that AZ’s resumption of growth since 2H18 should prove sustainable, enabling healthy margin expansion and a gradual improvement in funds from operations (FFO) over 2020-2023. Moreover, in 2019 FFO adjusted net leverage improved to 3.4x, below our previous 3.5x positive sensitivity, thanks to the $3.5 billion equity issue and disposals,” Fitch said in a press release.

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