Alvogen Pharma US Inc. #B# Rating Outlook Stable

Stocks and Financial Services Press Releases Wednesday May 30, 2018 09:25
TORONTO--30 May--S&P Global Ratings
TORONTO (S&P Global Ratings) May 29, 2018--S&P Global Ratings today affirmed its 'B' corporate credit rating on Pine Brook, N.J.-based Alvogen Pharma US Inc. The outlook is stable.

At the same time, we affirmed our 'B' issue-level rating on the first-lien term loan. The recovery rating on the term loan is '4', indicating our expectation for modest recovery (30%-50%; rounded estimate: 45%) in the event of payment default.

Our 'B' corporate credit rating on Alvogen continues to be based on the company's relatively small size and scope and aggressive financial policies, which we believe will keep leverage in the range of 4.5x-5.0x over the long term. These weaknesses are somewhat offset by Alvogen's above-average profitability, stemming from its focus on difficult-to-manufacture generic products.

The stable outlook on Alvogen Pharma reflects our expectation that the company will successfully manage new product launches while continuing to grow its existing portfolio, resulting in double-digit revenue growth. It also reflects our expectation for parent company Alvogen Lux Holdings S.a.r.l. to maintain favorable credit metrics, such that credit risk at the broader group will not negatively affect Alvogen Pharma's stand-alone credit profile.

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