Fitch rates Theramex B, loan B+

Fitch Ratings said it assigned IWH UK Finco Ltd. an expected issuer default rating of B(EXP).

The outlook is stable.

The agency also assigned an expected senior secured rating of B+(EXP)/RR3 to the term loan issued by IWH UK Midco Ltd., a subsidiary of IWH UK Finco.

IWH UK Finco will indirectly control the assets comprising a portfolio of women's health products (Theramex) following the assets' carve-out from Teva Pharmaceutical Industries.

Fitch said the expected issuer default rating of B(EXP) reflects a mid-cap nature of Theramex with a relatively narrow product portfolio and concentration in a few European markets, albeit with a fairly diversified product portfolio on the individual country level.

The agency views Theramex as a stable performer with mature cash generative brands; two proprietary products are projected to contribute incremental growth supporting the assigned issuer default rating of B(EXP).

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