On July 13, 2023, European pharmaceutical company Zentiva announced plans to extend the maturities of its current revolving credit facility (RCF) and term loan B (TLB) by three years. We believe the group will continue to generate substantial cash flow, despite the significant rise in interest expenses. We also note the group's extremely solid operating performance and deleveraging trajectory with adjusted leverage expected to fall below 7x in 2023 and about 6x in 2024. We affirmed our 'B' issuer credit ratings on AI Sirona (Luxembourg) Acquisition S.a.r.l., Zentiva's parent company, and its facilities, and maintained our '3' recovery rating on the facilities. The outlook on the long-term issuer credit rating is stable because we anticipate Zentiva will report continuous solid
