Fitch affirms Glenmark issuer default rating at BB with stable outlook
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Singapore: Fitch Ratings has affirmed Glenmark Pharmaceuticals Ltd's long-term issuer default rating at BB with a stable outlook.
It said Glenmark's geographic diversification and satisfactory record of regulatory compliance mitigate the business risk arising from its small size and support its rating relative to larger global-generic drug makers.
The affirmation also factors in the company's adequate product pipeline which combined with robust long-term growth prospects in India limits the impact on profitability from continued pricing pressure in the US generic pharmaceutical market.
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