Fitch rates Nobel Group note B-

Fitch Ratings said it assigned local- and foreign-currency issuer default ratings of B- to Nobel Group and a B- rating with an expected recovery rating of RR4 to the company's senior notes due 2011.

The outlook is stable.

The ratings reflect Nobel Group's positioning as a small-sized vertically integrated player in the Turkish generic drugs industry, which shows strong underlying fundamentals, Fitch said.

The ratings are supported by the company's good brands and marketing capabilities and its full pipeline and good product portfolio, the agency said.

Negative rating factors include single-family ownership, the company's over-reliance on the Turkish health care system and product concentration, Fitch said, which contributed to the company's debt-to-EBITDA ratio of 3.5x in fiscal year 2005.

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