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`P1+' reaffirmed for Cipla, Pfizer CPs

Our Bureau

MUMBAI, April 17

CREDIT Rating Information Services of India Ltd (Crisil) has reaffirmed its `P1+' rating, (indicating highest safety) assigned to the Rs 15-crore commercial paper programme of Cipla Ltd and the Rs 30-crore commercial paper programme of Pfizer Ltd.

According to the press release, the ratings reflect the two company's strong position as leading players in the Rs 15,600 crore domestic pharmaceutical industry.

The rating for Cipla factors in the sales growth arising from successful new product launches as well as profitability margins that the company enjoys on account of process re-engineering capabilities and value-added specialty exports to developed markets.

Cipla has a presence in the anti-asthma, anti-infective, anti-AIDS and cardiovascular segments and a moderate presence in the anti-inflammatory and anti-ulcerants segments.

The rating for Pfizer reflects the strong business position complemented by a favourable financial risk profile characterised by healthy profitability and zero-debt. In addition to pharmaceuticals, which accounted for 82 per cent in Pfizer's turnover in 2001, the company also operates in the animal health industry (15 per cent of turnover in 2001).

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