Fitch Ratings Revises Biocon Biologics Outlook from 'Stable' to 'Positive'

Biocon Biologics Limited, a fully integrated, global biosimilars company and subsidiary of Biocon Ltd. (BSE: 532523, NSE: BIOCON), today announced that Fitch Ratings has revised the outlook on the Company's Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'Stable' to 'Positive', and has affirmed the IDR at 'BB-'. Fitch has also affirmed the 'BB' rating on the Company's USD 800 million secured notes issued by its subsidiary, Biocon Biologics Global Plc.

Fitch said the 'Positive' outlook of the Company's credit rating reflects its expectation of a sustained reduction in Biocon Limited's financial leverage after it reduced liabilities with proceeds from a recent equity issuance.

Shares of Biocon Limited was last trading in BSE at Rs. 365.20 as compared to the previous close of Rs. 367.70. The total number of shares traded during the day was 28125 in over 942 trades.

The stock hit an intraday high of Rs. 369.70 and intraday low of 361.30. The net turnover during the day was Rs. 10217856.00.

Source : Equity Bulls

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Biocon INE376G01013 Biotechnology BioconBiologics RatingUpdate FitchRatings