Fitch Ratings has withdrawn
It has also withdrawn Vifor's senior unsecured bond rating of 'BBB-'.
Fitch is withdrawing the ratings of Vifor at the company's request as it has undergone a reorganisation following the closing of its acquisition by
Key Rating Drivers
Not applicable as the ratings have been withdrawn.
Derivation Summary
Not applicable as the ratings have been withdrawn.
Key Assumptions
Not applicable as the ratings have been withdrawn.
RATING SENSITIVITIES
Not applicable as the ratings have been withdrawn.
Best/Worst Case Rating Scenario
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Liquidity and Debt Structure
Not applicable as the ratings have been withdrawn.
Issuer Profile
Vifor is a Swiss manufacturer of innovative drugs to treat iron deficiency, dialysis as well as nephrology and rare diseases.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
Vifor has an ESG Relevance Score of '4' for exposure to social impacts due to social pressure to contain healthcare costs, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
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