Fitch alters Recipharm outlook to stable

Fitch Ratings said it revised Roar Bidco AB's (Recipharm) outlook to stable from positive, and affirmed the group's long-term issuer default rating at B. The agency also affirmed Recipharm's €1.115 billion first-lien term loan at B+/RR3.

“The outlook revision to stable reflects the group's recent under-performance versus our prior expectations alongside a weaker free cash flow (FCF) profile due to higher interest costs and hefty investments over 2022-2023. Further underperformance versus our updated rating-case assumptions would lead to negative rating action,” Fitch said in a press release.

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