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Fitch revises WuXi AppTec view to positive
Fitch Ratings said it revised the outlook on WuXi AppTec Co., Ltd.’s to positive from stable and affirmed the issuer default and senior unsecured ratings at BBB-.
“The outlook revision reflects our expectation of continued market share gains and rapidly expanding scale. We expect revenue growth to remain above 20% over the next two-to-three years with high demand for the company’s diversified contract resource organization (CRO) services. Fitch expects the expansion and stable profitability to raise EBITDA to over CNY 5 billion (about $750 million) by 2021, more than double that of 2018,” Fitch said in a press release.
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