Fitch affirms Yestar

Fitch Ratings said it affirmed Yestar International Holdings Co. Ltd.'s long-term foreign currency issuer default rating and senior unsecured rating at BB-.

The outlook is stable.

The agency said the affirmation reflects Yestar's high exposure to China's rapidly growing in-vitro diagnostics market, an established partnership with IVD industry leader, Roche Diagnostics, and a strong foothold in IVD distribution across important markets in northern, eastern and southern China.

Yestar's leverage has risen over the previous year, but Fitch said it expects it to stay below its downgrade triggers, as it does not expect the company to acquire the remaining 30% stake in its 70%-owned subsidiary, Anbaida, in 2018.

However, rating headroom at the current leverage level is limited, the agency said.

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