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Fitch upgrades Roche
Fitch Ratings said it upgraded Roche Holding Ltd.'s long-term issuer default rating and senior unsecured issue ratings to AA from AA-.
The agency also affirmed its short-term issuer default rating at F1+.
The outlook is stable.
The upgrade reflects the company's strong deleveraging, the agency said. Its funds-from-operations adjusted net leverage, which is well in line with expectations for the AA rating, stood at below 1x in 2012, Fitch said.
Given Roche's strong business profile, major acquisitions are not expected, the agency added.
And Roche has very limited exposure to patent expiry over the next few years, along with a strong pipeline, Fitch said.
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