Takeda Pharmaceutical Co. Ltd.#s U.S. Dollar-Denominated Unsecured Straight Bonds Rated #A-#

Stocks and Financial Services Press Releases Thursday July 13, 2017 17:37
TOKYO--13 Jul--S&P Global Ratings

TOKYO (S&P Global Ratings) July 13, 2017--S&P Global Ratings today said that it has assigned its 'A-' rating to Japan-based pharmaceutical company Takeda Pharmaceutical Co. Ltd.'s (A-/Negative/A-2) U.S. dollar-denominated unsecured straight bonds.

The $500 million bonds have a fixed coupon rate of 2.45% and mature on Jan. 18, 2022. We assign the same rating to the bonds as our long-term corporate credit rating on Takeda, given our current rating on the company, the asset protection for the bonds, and the priority of payment of the bonds among its financial obligations.

Our ratings on Takeda reflect our view of the following: It has a strong position in major markets for branded pharmaceuticals and a leading market share in Japan, as well as an enhanced product portfolio and improved research and development (R&D) pipeline; Heavy restructuring and R&D costs have driven its profitability below the global industry average for pharmaceutical companies; andIts business acquisition costs have temporarily hurt key financial ratios, but these are likely to improve in fiscal 2018 (ending March 31, 2019) to levels commensurate with the current ratings.


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