Moody's rates Doc Generici notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Diocle SpA, also known as Doc Generici.

Moody's also said it assigned B2 instrument rating to the proposed €470 million senior secured notes issued by Diocle.

The outlook is stable.

The ratings reflect the company's strong positioning in the Italian retail market where market fundamentals are positive, which support expectations of further volume penetration for generics players, overall high barriers to entry and its broad product portfolio across several therapeutic categories and products, Moody's said.

The ratings also consider its limited concentration, strong cash flow generation and solid liquidity profile and track record of profitable growth supporting de-leveraging, the agency said.

The ratings also recognize the company's limited scale with revenues amounting to €208 million in 2018, along with a weak geographic diversification profile, Moody's said.

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