S&P pulls Huvepharma from positive watch

S&P said it affirmed Huvepharma EOOD’s BB long-term issuer credit rating, and removed it from CreditWatch, where it was placed with positive implications on June 21.

On June 30, the company’s parent reported it canceled the planned IPO.

“We anticipate Huvepharma's strong 2020 operating performance will continue thanks to recent product launches and vertical integration. This should de-risk its profile despite our expectation that capital expenditure (capex) will remain high,” S&P said in a press release.

The outlook is positive, indicating a possible raise in ratings in the next 12-18 months if Huvepharma continues posting strong operating results with S&P Global Ratings-adjusted EBITDA margins of close to 30% supporting net debt leverage comfortably at 2x-3x, the agency said.

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