Fitch revises outlook on Jubilant Pharma to negative; affirms BB rating

17 Feb 2022 , 09:17 AM

Jubilant Pharmova Ltd has informed that Fitch Ratings has affirmed the Issuer Default Rating (‘IDR’) of Jubilant Pharma Limited (‘JPL’), the wholly owned subsidiary of the Company, at ‘BB’ and has revised the Outlook on JPL’s Long-Term IDR to Negative, from Stable.

Further, Fitch Ratings has also affirmed JPL’s senior unsecured rating and the rating on its USD200 million 6.00% senior unsecured notes due 2024 at ‘BB’.

Fitch Ratings has cited that Negative Outlook reflects its expectation of lower profitability and increase in leverage of JPL. The Company has received the Rating Action Commentary from Fitch Ratings on February 15, 2022, said company in a regulatory filing.

At around 9:17 AM, Jubilant Pharmova was trading at Rs447 per piece hogher by 0.20% on Sensex.