Ranbaxy Laboratories

Crisil has reaffirmed the highest safety ratings of `FAAA' to the fixed deposit (FD) programme of Ranbaxy Labs.

It has also reaffirmed the P1+ rating assigned to the Rs 139-crore commercial paper (CP), indicating highest safety.

Ranbaxy's strength as India's No. 1 pharmaceutical company and its solid business profile resulting from its diversification, favourable brand franchising and significant market share, form the basis for the continued highest safety ratings. Its operational and R&D capabilities have also impressed the rating agency.

The company's business profile is expected to be enhanced by the success of its R&D initiatives and its performance in the US generics market, over the medium-to-long-term. Its credit quality is also strengthened by adequate cash generation, high net worth and low gearing.