Fitch assigns 'BB' rating on Glenmark's $200 mn issue

Fitch Ratings has assigned Glenmark Pharmaceuticals Ltd's USD 200 million senior unsecured notes due in 2021 a final rating of 'BB'.
"Fitch Ratings has assigned India-based Glenmark Pharmaceuticals Ltd's (Glenmark, BB/Positive) USD 200 million 4.50 per cent senior unsecured notes due in 2021 a final rating of 'BB'," the company said in a statement.
The final rating is in line with the expected rating assigned on July 18, 2016, and follows the receipt of final documents conforming to information already received, the statement said.
Glenmark will use the proceeds to repay debt at its wholly-owned overseas subsidiaries. The notes represent direct, unconditional, unsecured and unsubordinated obligations of the company.

'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.