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Research Update: Kazakhstan-Based Pharmaceutical Company Chimpharm And Proposed Notes Assigned 'kzBB' National Scale Ratings Jul 12 Product Image

Research Update: Kazakhstan-Based Pharmaceutical Company Chimpharm And Proposed Notes Assigned 'kzBB' National Scale Ratings Jul 12

  • Published: July 2012
  • Standard & Poors

FEATURED COMPANIES

Abstract
Kazakhstan-based pharmaceuticals company Chimpharm JSC plans to issue Kazakhstani tenge (KZT) 10 billion (about $65 million) of senior unsecured notes to finance its expansion. We are assigning our 'kzBB' Kazakhstan national scale rating to Chimpharm and the proposed notes. We could raise the ratings if the company successfully places the proposed notes and achieves projected sales growth rates over subsequent quarters. On July 12, 2012, Standard & Poor's Ratings Services assigned its 'kzBB' Kazakhstan national scale rating to Kazakh generic pharmaceuticals manufacturer Chimpharm JSC. At the same time, we assigned 'kzBB' issue ratings to Chimpharm's proposed KZT10 billion unsecured notes. The recovery rating on this debt is '4', indicating our expectation of average (30%-50%) recovery for creditors in the event...

Companies mentioned in this report are: Chimpharm JSC
Action: New Rating
Action: Outlook: Positive

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Chimpharm JSC

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