Moody's views Grunenthal positively

Moody's Investors Service said it changed the outlook to positive from stable and affirmed Grunenthal Pharma GmbH & Co. KG's B1 corporate family rating, its B1-PD probability of default rating and the B1 rating on the backed senior secured notes issued by its subsidiary Grunenthal GmbH.

“The positive outlook reflects Moody's expectation that Grunenthal will be able to largely offset earnings erosion from generic competition on Palexia in 2022-23 and continue to grow its drug Qutenza, while advancing its late-stage pipeline. Moody's also expects that Grunenthal's leverage will remain between 3x and 3.5x in 2022-23,” the agency said in a press release.

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