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Fitch affirms AmerisourceBergen
Fitch Ratings said it affirmed AmerisourceBergen Corp.'s issuer default rating, senior unsecured credit facility and senior unsecured debt at BBB.
The outlook is stable.
The agency said the ratings are supported by AmerisourceBergen 's stable leverage and ample liquidity. AmerisourceBergen continues to generate relatively reliable revenue growth and stable margins, which Fitch believes will aid long-term growth in cash flow from operations.
The outlook reflects the company's ability and commitment to operate its business with a strong financial profile relative to its BBB rating, Fitch said, adding that during the past three years, AmerisourceBergen has maintained a total debt-to-EBITDA ratio of roughly 1.3 times in the face of a changing business model and EBITDA margins substantially below pre-2005 levels.
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