Fitch Ratings has upgraded Teva Pharmaceutical Industries’ corporate credit rating to investment grade, raising it to BBB- with a stable outlook from BB+. The announcement was made on Monday.
The agency also upgraded Teva’s senior unsecured debt and credit facilities to BBB- from BB+.
Teva said the move marks Fitch’s third upgrade of the company in less than two years. Chief Financial Officer Eli Kalif said the decision reflects confidence in Teva’s turnaround strategy and improving financial flexibility.
Fitch cited Teva’s progress in strengthening its balance sheet and shifting toward higher-margin innovative medicines and biosimilars. The agency pointed to expected growth from drugs including Austedo and Ajovy, as well as newer and planned launches, subject to regulatory approval.
Teva is still rated below investment grade by S&P Global Ratings, at BB+ with a stable outlook, and by Moody’s, at Ba1 with a positive outlook.