Fitch Ratings has revised Biocon Biologics’ outlook from ‘Stable’ to ‘Positive’ while affirming the IDR at ‘BB-‘. This upgrade reflects Fitch’s expectation of sustained reduction in Biocon Limited’s financial leverage. The rating also applies to the USD 800 million secured notes issued by Biocon Biologics Global Plc. Fitch anticipates improved financial stability following a recent equity issuance.
Fitch Revises Outlook
On February 7, 2026, Fitch Ratings announced an upgrade to the outlook for Biocon Biologics Limited, changing it from ‘Stable’ to ‘Positive’. At the same time, the Issuer Default Rating (IDR) was affirmed at ‘BB-‘. The ‘BB’ rating on the company’s USD 800 million secured notes, issued via its subsidiary Biocon Biologics Global Plc, was also affirmed.
Rationale for Upgrade
The ‘Positive’ outlook is driven by the anticipated reduction in Biocon Limited’s financial leverage. This expectation is based on the company’s demonstrated commitment to reducing liabilities through proceeds from a recent equity issuance. Fitch believes this will lead to a more sustainable financial position for Biocon Limited.
About Biocon Biologics
Biocon Biologics Limited, a subsidiary of Biocon Limited, is focused on transforming healthcare by providing access to high-quality biosimilars across 120+ countries, serving over 6.3 million patients. The company commercializes 10 biosimilars, with a pipeline of over 20 biosimilar assets. These cover diabetology, oncology, immunology, and other non-communicable diseases.
Source: BSE
