Credit rating agency, India Ratings & Research has assigned A1+ rating to Cipla’s Rs 1,000 crore commercial paper/ short-term debt programme.
The rating reflects the company’s comfortable credit profile with financial leverage (adjusted debt net of cash/EBITDAR) below 1.5x over FY09-FY12 (year end March). The low level of financial leverage provides the company enough headroom to take on additional debt.
Cipla focuses on development of new formulations and has a wide range of pharmaceutical products. It offers prescription drugs, bulk drugs, animal products and pesticides. It also offers a wide range of food and beverages, baked foods, oral hygiene products, detergents, room fresheners and personal care products.
