Fitch Ratings has affirmed the Glenmark Pharmaceuticals’ Long-Term Issuer Default Rating (IDR) at 'BB'. The Outlook is Stable. The agency has also affirmed Glenmark's $200 million 4.50% senior unsecured notes due 2021 at 'BB'. The notes are rated at the same level as the IDR because they constitute company's direct and senior unsecured obligations. At the same time, Fitch has withdrawn the rating on Glenmark's proposed US-dollar bonds assigned in January 2020 as the company chose not to proceed with the offering.
Glenmark Pharmaceuticals (GPL) is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries.
