Fitch lifts Roche view to positive

Fitch Ratings said it changed Roche Holding Ltd.'s outlook to positive from stable. Its senior unsecured and issuer default ratings are affirmed at AA- and its short-term rating remains F1+.

The outlook change reflects the improvement in Roche's financial ratios since the ratings were assigned in December 2005 and the company's commitment to organic growth, Fitch said.

The ratings reflect Roche's excellent market positions in oncology and transplantation, the strong growth of its product portfolio as well as its good product pipeline, patent-protection profile and product diversification.

The agency said the ratings are constrained by Roche's ownership structure, which limits its equity-raising flexibility, although this is partly mitigated by recently increased cash balances, and the group's under-representation in the United States.

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