...- Generic drug manufacturer Hikma Pharmaceuticals PLC (Hikma) posted strong 2020 results, in line with our expectations, while we consider the company to enjoy good growth prospects, with expected 4%-6% injectables business growth clearly supporting the current '###-' ratings. - We revised our financial risk assessment to minimal from modest to acknowledge that the group's credit metrics have been very strong for the past five years (debt to EBITDA of 1.3x in 2020) and are expected to remain conservative in 2021 (expected 1.1x) and 2022 (expected 0.9x), thanks to a healthy pipeline of product launches. - However, to reflect the potential temporary deviation of these very conservative metrics due to a potential sizeable debt-financed acquisition, we apply a negative financial policy modifier. - Despite this change in the rating construction, we affirmed our '###-' long-term issuer credit rating on Hikma. - The stable outlook reflects our view that the company will maintain a strong balance...
