Moody's upgrades WuXi AppTec

Moody's Investors Service said it raised WuXi AppTec Co Ltd.'s issuer rating to Baa2 from Baa3 and changed the outlook to stable from positive.

"The rating upgrade reflects WuXi AppTec's consistent track record of achieving strong growth in its business," said Shawn Xiong, a Moody's assistant vice president and analyst, in a press release.

"It also reflects our expectation that WuXi AppTec's revenue and EBITDA growth will remain strong in the coming 12-18 months, supported by favorable demand prospects for contract research organization (CRO) services in China and globally. In addition, we expect the company will maintain its low debt leverage and excellent liquidity given its disciplined financial management, while strongly growing its business," added Xiong.

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