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Biocon Biologics, a fully integrated, global biosimilars company and subsidiary of Biocon Ltd., announced that Fitch Ratings has revised the outlook on the company’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Stable’ to ‘Positive’, and has affirmed the IDR at ‘BB-‘. Fitch has also affirmed the ‘BB’ rating on the company’s USD 800 million secured notes issued by its subsidiary, Biocon Biologics Global Plc.
Fitch said the ‘Positive’ outlook of the company’s credit rating reflects its expectation of a sustained reduction in Biocon Limited's financial leverage after it reduced liabilities with proceeds from a recent equity issuance, said its communication note.
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