Fitch puts PGF on watch

Fitch Ratings said it placed Polska Grupa Farmaceutyczna SA's national long-term rating of BB(pol) on Rating Watch negative and affirmed its national short-term rating at B(pol).

The Rating Watch action reflects Fitch's concerns about PGF's liquidity constraints in 2009 and 2010, increased refinancing risk in the short term, and the impact of potential increases in borrowing costs on the company's outstanding debt.

The credit ratings are under pressure on the back of deteriorated credit metrics at the end of 2008 and the company's weaker operating margins, the agency added.

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