Well balanced portfolio across products and geographies. Good technical capabilities proven by track record of obtaining regulatory approvals. Established competitive position in the injectables business. Significant exposure to high risk countries and exchange-rate fluctuations. Profitability decline following integration of West Ward Columbus. Weakening trend for credit ratios in 2016 due to the integration of West Ward Columbus. Weighted average adjusted funds from operations (FFO) to debt around 35% in our base case, which provides comfortable headroom for the current ratings. Overall prudent financial policy, although the group could make sizable acquisitions in the future. Adequate liquidity. The stable outlook reflects our expectation that Hikma will improve contribution of recently integrated West Ward Columbus while maintaining resilient operating performance of the
