IBI-Rating has updated the credit rating of bonds of «Pharmaceutical company «Zdorovye» LLC

IBI-Rating informs on affirming of the long-term credit rating of A-E series interest-bearing bonds of «Pharmaceutical company «Zdorovye» LLC at uaA grade with a «stable» outlook.

The Issuer of bonds is one of the largest domestic producers of pharmaceutical products. The production and distribution of pharmaceutical drugs depends on the state regulation, primarily on licensing of activities.

In 2018 «Pharmaceutical Company «Zdorovye» LLC received net income in amount UAH 1,565.4 mln. The export revenue generates a part of the net income, which diversifies its sales markets and reduces sensitivity to the exchange rate fluctuations. The Issuer's activity is profitable - the net profit amounted to UAH 7.8 mln (retained earnings increased to UAH 374.8 mln as of December 31, 2018). Equity is about 46% of the financing.

According to the results of 2018 the volume of debt load of «Pharmaceutical Company «Zdorovye» LLC increased, but given the long-term commitment, the level of debt load is assessed as acceptable.

In order to conduct the analytical research the materials provided by «Pharmaceutical Company «Zdorovye» LLC have been used, including: annual financial statements for 2016-2018, background information on activities by «Pharmaceutical Company «Zdorovye» LLC, information on the issue of A-E series bonds, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

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