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Bond Market News
Teva Upgraded to BB by Fitch
September 19, 2024
Teva Pharmaceuticals (Teva) was upgraded by a notch to BB from BB- by Fitch. The rating agency also upgraded Teva’s senior unsecured debt by a similar measure. The upgrade reflects significant progress shown by the company in reducing its debt and improving its operational efficiency. According to Fitch, Teva will continue to reduce debt by approximately $1.7bn to $2bn per year and its EBITDA leverage could decline to below 4x by the end of FY2025. In addition, Teva plans to sell its sell its active-pharmaceutical ingredient business (TAPI) which could lead to a meaningful reduction of debt and overall improvement in financial flexibility for the company. Fitch has maintained a positive outlook on Teva, highlighting the company’s ongoing efforts in debt reduction and revenue diversification.
Dollar bonds of Teva traded stable with its 3.15% 2026s at 96, yielding 5.25%.
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