Asia/South Asia
6 years ago

Glenmark Pharma rating lowered to 'BB-' from 'BB'

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Updated :

SINGAPORE (S&P Global Ratings) --S&P Global Ratings lowered its

long-term corporate credit rating on India-based generic drugmaker Glenmark

Pharmaceuticals Ltd. to 'BB-' from 'BB'.

"The outlook is stable. We also lowered our long-term issue rating on the company's senior unsecured notes to 'BB-' from 'BB'," a statement said.

 

"The downgrade reflects our view that Glenmark's leverage is likely to remain

elevated over the next 24 months due to the company's weak operating

performance," the statement added.

-rmc//

 

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