IBI-Rating has affirmed the credit rating of bonds of «Pharmaceutical company «Zdorovye» LLC

IBI-Rating informs on affirming of the long-term credit rating of A-E series interest-bearing bonds of «Pharmaceutical company «Zdorovye» LLC at uaA grade with a «stable» outlook. 

The Issuer of bonds ranks among the largest domestic producers of pharmaceutical products. The production and distribution of pharmaceutical drugs depends on the state regulation, primarily on licensing of activities.

In 2017 «Pharmaceutical Company «Zdorovye» LLC received net income in amount UAH 1,686.2 mln, which is more than in the previous year by 12.9%. The export revenue generates a significant share of the net income, which diversifies its sales markets and reduces sensitivity to the exchange rate fluctuations. The Issuer's activity is profitable - the net profit amounted to UAH 30.2 mln (undistributed profit as of December 31, 2017 - UAH 371 mln).

Following the results of 2017 the volume of debt load of «Pharmaceutical Company «Zdorovye» LLC increased, but given the long-term commitment, the level of debt load is assessed as acceptable.

In order to conduct the analytical research the materials provided by «Pharmaceutical Company «Zdorovye» LLC have been used, including: annual financial statements for 2015-2017, background information on activities by «Pharmaceutical Company «Zdorovye» LLC, information on the issue of A-E series bonds, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Based on materials of Press service of IBI-Rating

17.04.2018