Fitch affirms Yestar Healthcare

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

Fitch also affirmed Yestar's $200 million 6.9% senior notes due 2021 at BB-.

“The affirmation reflects Yestar's large exposure to China's growing in-vitro diagnostics (IVD) market and established partnership with IVD industry leader, Roche Diagnostics,” the agency said in a news release.

“The rating also takes into account rising leverage over the past few years and weakened cash flow generation due to volatile working capital.”

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