...The affirmation of Roche Holding Ltd.'s Long-Term Issuer Default Rating (IDR) at 'AA' reflects its strong innovative pharmaceutical business profile, with market-leading products across multiple therapeutic areas. The pipeline remains very robust, with attractive growth opportunities, despite a slowdown in the launch of new products over the past two years. Its diagnostics division provides further diversification and has returned to organic growth following strategic repositioning and expected easing pricing pressures in China. Roche's IDR also reflects its conservative financial policies. Fitch Ratings expects leverage to remain at or below 1.0x and free cash flow (FCF) margins above 5%, which underpins the Stable Outlook....
