The ratings reflect the group's excellent business position, based on high growth rates in its pharmaceuticals division, its global No.1 position as a provider of oncology drugs, well stocked late-stage pipeline, and conservative financial profile. |
This reflects the likely deterioration in credit quality of the combined group if the transaction goes ahead. |
We consider that the gradual nature of the reform provides a fairly protected environment for European manufacturers over the next four years, and we continue to believe that full deregulation in the EU market for sugar production and processing is remote. |