...+ DSM Sinochem Pharmaceuticals (DSP), which manufactures active pharmaceutical ingredients and is a leader in the production of antibiotics, generated 440 million of revenues and 77 million of reported EBITDA in 2017. + Although DSP's revenues are concentrated in the production of antibiotics, this is somewhat offset by the competitive advantages of its technology-driven cost efficiency and track record of high quality and environmental compliance. + Following its buyout by equity sponsor Bain Capital in June 2018, DSP is refinancing its current capital structure. + We are assigning our 'B' long-term issuer credit rating to DSP's BCPE Max Dutch Bidco BV, and our 'B' issue rating to the company's 75 million equivalent revolving credit facility and 335 million equivalent first-lien senior secured term loan B. + The stable outlook reflects our view that DSP's growth strategy, underpinned by volume growth in emerging markets, continued strong market share in regulated markets, and diversification...
