Fitch upgrades Gland Pharma

Fitch Ratings said it upgraded Gland Pharma Ltd.'s national long-term rating to A-(ind) from BBB+(ind).

The outlook is stable.

The upgrade reflects Gland's higher-than-expected revenue growth of more than 120% year over year in fiscal year 2011. This is attributed to strong sales of heparin sodium injection. The ratings continue to reflect Gland's stable EBITDA margins of around 27% over the last three years. Also, it continues to generate positive cash flow from operations.

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