Birou Notarial9: TEXTFitch

vineri, 9 septembrie 2011

(The following statement was released by the rating agency)

Sept 09- Fitch Ratings has affirmed China Medical Technologies, Inc.'s (CMTI) Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+' with Stable Outlook.

The ratings are supported by CMTI's steady revenue growth and stable profit margin, solid liquidity profile, and conservative financial management. The ratings are, however, constrained by the company's small scale - operating EBITDAR close to USD80m for the financial year ended 31 March 2011 - and financial leverage of total adjusted debt / operating EBITDAR over 5.0x for the same period.

"CMTI has successfully penetrated the Chinese market for molecular diagnostic systems, which shows strong growth potential," said Cosmo Zhang, Director at Fitch's Corporates team. "The company's stable EBITDA margin also reflects its solid market position and operational stability." For Q1FY11, CMTI recorded revenue of CNY237.1m, up 27.4% yoy.

Fitch also notes the company's ability to meet financial obligations is underpinned by its current cash position, no dividend payout plan in the near future, and strong cash flow generation capability.

The Stable Outlook reflects steady demand for healthcare in China and strong revenue growth prospects for CMTI's newly SFDA-approved molecular diagnostic products.

Positive rating action may result from operating EBITDAR rising over USD100m, while maintaining total adjusted debt/operating EBITDAR below 2.5x, net adjusted debt/ operating EBITDAR below 1.5x or operating EBITDAR/gross interest above 4.0x on a sustainable basis.

Negative rating action may result if there are material declines in the Enhanced Chemiluminescence Immunoassay business, if it fails to expand the Fluorescent in-situ Hybridization/Surface Plasmon Resonance business and/or if the company makes any significant acquisition that does not immediately contribute to positive cash flow. Fitch may also consider negative rating action if total adjusted debt/operating EBITDAR rises above 5.25x, net adjusted debt/operating EBITDAR above 4.0x or operating EBITDAR/gross interest falls below 2.25x on a sustainable basis.

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joi, 8 septembrie 2011

TEXT-Fitch: DSP Merrill Lynch Capital affirmed at 'Fitch AAA(ind)'

(The following statement was released by the rating agency)

Sept 08- Fitch Ratings has affirmed India-based DSP Merrill Lynch Capital Limited's (DSPMLC) National Long-Term Rating at 'Fitch AAA(ind)' with a Stable Outlook and its National Short-Term Rating at 'Fitch A1+(ind)'. A list of additional rating actions is provided at the end of this commentary.

DSPMLC's ratings primarily factor in the continued support of its ultimate parent - Bank of America Corporation (BAC; Long-Term Issuer Default Rating: 'A+'/Rating Watch Negative), given the latter's 100% ownership in the company. The ratings may be downgraded if DSPMLC's strong linkages with BAC are deemed by Fitch to have weakened.

DSPMLC forms an integral part of BAC's diversified India franchise, which includes wholesale banking, wealth management, investment banking, trading in fixed income securities and foreign currency and brokerage. DSPMLC provides loans against shares to BAC's corporate and high net-worth individual clients in India, and also trades in fixed income securities. Its systems including those of risk-management are overseen by and integrated within the ultimate parent.

Fitch notes the company's robust profit margins (return on average assets as at end-FY11: 2.95%) as it benefits from a low operating cost base and is also aided by BAC's established clients, franchise and systems in India. Also, it has a conservative business profile, with assets mainly in low-risk fixed income securities and certificate of deposits, and loans sufficiently secured against liquid shares. That being said, some of its high margin (and thus high risk) business lines, which are at an incipient stage like structured credit, are expected to pick up momentum in the near-term. This could expose the firm to more volatile operating performance.

DSPMLC's instrument ratings are as follows:

- Proposed INR9.65bn long-term fully principal protected equity-linked debentures: assigned a final rating of 'Fitch AAAemr(ind)'

- INR2.5bn short-term debt: affirmed at 'Fitch A1+(ind)'

- INR351.4m fully principal protected equity-linked notes: affirmed at 'Fitch AAAemr(ind)'