S&P Global Ratings Upgrades Biocon Biologics' Credit Rating, Revises Outlook to Stable

MT Newswires Live01-28

Biocon Biologics, the biosimilars subsidiary of Biocon (NSE:BIOCON, BOM:532523), said that S&P Global Ratings has upgraded its long-term issuer credit rating to BB+ from BB, and revised the outlook to stable, according to a Wednesday filing to the Indian stock exchanges.

The rating on the senior secured notes issued by Biocon Biologics Global PLC has also been upgraded to BB+.

The rating upgrade has been attributed to Biocon's simplification of its capital structure following the reduction of its outstanding structured debt liabilities. Additionally, $1 billion compulsorily convertible preference shares issued to Viatris have been removed through a combination of equity share swaps and cash consideration.

S&P also said the company's new product launches and favorable industry trends will support Biocon's earnings. It added that the stable outlook reflects its view that Biocon's earnings will grow steadily over the next 12-24 months.

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