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Sun Pharmaceutical Industries Ltd announced credit rating actions from both Moody’s and S&P Global, reflecting the company’s business and financial strength. Moody’s assigned a Baa1 (stable outlook) to its Long-Term Issuer Credit Rating and Issuer Rating, and a Ba3 rating, currently under review for upgrade, to the $11.75 billion Organon & Co. acquisition expected to close by March 2027; Moody’s also noted that Sun Pharma’s debt ratings are two notches above the Indian sovereign, with a Moody’s-adjusted gross debt/EBITDA leverage expected to be around 3.0x (pro-forma March 2027), decreasing to about 2.0x within 18 months, and assigned a Gross Debt rating of Baa1, two notches below a scorecard-indicated outcome of A2. S&P Global assigned a BBB+ (stable outlook) to its Long-Term Issuer Credit Rating and Preliminary Rating, along with ratings of BBB+ (stable outlook) to Long-term investments totaling INR10.5 billion, and preliminary ratings of BBB+/Stable for Foreign currency and Local currency issuer credit ratings, alongside a stand-alone credit profile and group credit profile of bbb+. The company maintains $3.6 billion in cash as of March 31, 2026, and has secured $12 billion in committed financing and a $12 billion Acquisition Financing Bridge Loan, while also possessing corporate bonds, debentures, notes, commercial paper, and preferred stock, for which issuers typically pay for ratings.
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