“This reflects the likely deterioration in credit quality of the combined group if the transaction goes ahead.”
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“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.”
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“The ratings reflect the groups 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.”
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