Fitch: Polska Grupa Farmaceutyczna on watch

Fitch Ratings said it placed Polska Grupa Farmaceutyczna SA's national long-term rating of BB+(pol) on rating Watch negative.

The agency said that the national short-term rating was affirmed at B(pol).

The agency added that the RWN action reflects yesterday's announcement of Polska Grupa Farmaceutyczna's debt-funded acquisition of a controlling stake in a group of pharmaceutical wholesale and retail distribution companies in Lithuania for €22.5 million.

The ratings reflect Polska Grupa Farmaceutyczna's aggressive financial policy, as evidenced by its high financial leverage and considerable dividend payments, Fitch said.

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