Animal health company Huvepharma EOOD has reported impressive operating performance in the past two years, with top line growth averaging about 20%. Despite the acquisition of Zoetis' feed additive assets in early 2016, we note a marked improvement of the group's financial risk profile. We are consequently upgrading Huvepharma to 'BB' from 'BB-'. The stable outlook reflects our expectation that the group will continue to post vigorous growth while maintaining its currently strong operating margin, pushing debt to EBITDA sustainably below 3.0x. On Oct. 25, 2016, S&P Global Ratings raised its long-term corporate credit rating on Bulgaria-based animal health company Huvepharma EOOD to 'BB' from 'BB-'. The outlook is stable. At the same time, we raised our issue rating on
