Nidda Bondco GmbH (Stada) reported strong performance in first-quarter 2023, with revenue 13% higher in constant currency and 24% EBITDA growth. Despite inflation and higher interest rates, we expect Stada will continue to withstand the more challenging economic environment and generate comfortable free operating cash flow (FOCF) and EBITDA cash interest coverage above 2x. We therefore affirmed our 'B' long term issuer credit rating on Nidda Bondco GmbH, holding company of Stada, and 'B' issue credit rating on its senior secured debt. The stable outlook indicates our expectation that the company will remain on a solid path of profitable growth, ensuring continued deleveraging and adequate liquidity. In the specialty division, which is focused on biosimilars Stada's major launches include Hukyndra
