Fitch raises AstraZeneca

Fitch Ratings said it upgraded AstraZeneca plc's (AZ) long-term issuer default rating to A- from BBB+. It also raised the senior unsecured rating on AstraZeneca’s and AstraZeneca Finance LLC's senior unsecured issuances to A- from BBB+.

“The upgrade to A- reflects a gradual improvement of AZ's financial metrics, particularly profitability, free cash flow (FCF) generation, and financial leverage, reflecting the group's pivot towards specialty pharma products, an increasing contribution from its recently launched innovative drugs, and active portfolio management,” Fitch said in a press release.

The outlook is stable.

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