S&P upgrades InRetail Pharma

S&P said it upgraded InRetail Pharma SA and its notes to BB+ from BB.

“Despite a pandemic-fueled economic crisis, IP’s operations and financial performance have fared well, thanks to the essential nature of its businesses and its strong competitive position. Both drugstore, and manufacturing, distribution, and marketing (MDM) segments posted top-line growth of mid-single percentages in 2020,” S&P said.

The agency said it forecasts InRetail to maintain steady credit metrics through 2021, with sales growing at mid-single-digit rates, EBITDA margins near 14%, and a solid cash generation.

The outlook is stable.

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