India Ratings & Research has affirmed Nectar Lifesciences’ long-term issuer rating at ‘A-’ with stable outlook.
The affirmation reflects the rating agency’s opinion that the company’s financial leverage (adjusted debt net cash/EBITDA) will see a sustained improvement over the medium term after deteriorating to 4.1x in FY12 (financial year ended March) from 3.3x in FY11.
Nectar Lifesciences is a $200 million pharmaceutical organization. The company offers a range of Cephalosporin active pharmaceutical ingredients (APIs) and finished dosage forms.
