Fitch rates PGF

Fitch Ratings said it has upgraded Polska Grupa Farmaceutyczna SA's national ratings to senior unsecured BBB-(pol) from BB+(pol) and short-term F3(pol) from B(pol). Following the upgrade, the outlook is now stable.

PGF is Poland's largest pharmaceuticals distributor.

Fitch said the upgrade reflects significant debt reduction in the last two years and the company's forecast of further decrease in debt in fiscal 2004. It also takes into account significant restructuring benefits seen in its fiscal 2003 results including lower operating cost as a percentage of sales, improved net free cash flow generation and better working capital management.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.