Fitch assigns WuXi AppTec BBB-

Fitch Ratings said it assigned WuXi AppTec Co., Ltd. a long-term issuer default rating of BBB- and a senior unsecured rating of BBB-.

“The ratings on WuXi AppTec reflects the company’s position as the largest contract research organization (CRO) in Asia and the second-largest drug discovery service provider in the world in terms of revenue. The ratings also take into account growing demand in the pharmaceutical R&D outsourcing market, especially in China, the company’s diversified revenue sources as one of the few CROs that can offer services across the value chain and its high-quality customer base,” said Fitch in a press release.

The outlook is stable.

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