November 22 (SeeNews) - Moody's Investors Service said that it has completed a periodic review of the ratings of Dutch-registered Huvepharma International, owned by Bulgarian investor Kiril Domuschiev.
The review was conducted through a portfolio review, aimed at reassessing the appropriateness of the ratings in the context of the relevant principal methodology, and a comparison of the financial and operating profile to similarly rated peers, the credit rating agency said in a statement on Thursday.
The completion of the periodic review does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future, the agency noted.
Moody's also said in its statement:
"Key rating considerations are summarized below.
Huvepharma International BV's (Huvepharma) corporate family rating of Ba3 reflects the company's (1) strong position in its key niche markets; (2) vertically integrated business model; (3) ability to expand its operations largely through organic portfolio growth and maintain solid profitability; and (4) balanced diversification across products, geographies and customers. At the same time, the rating factors in the company's (1) modest size on a global scale; (2) concentrated ownership structure; and (3) somewhat elevated leverage, with Moody's-adjusted gross debt/EBITDA of 3.8x as of 30 March 2019, although it should decrease over the next 12 months thanks to completion of the large expansion project in Bulgaria."