Taro Pharmaceutical Industries Ltd. announced that it has received an "AA" rating from Maalot, the Israeli affiliate of Standard & Poor's, based on the rating standard employed in Israel, for the issuance of debt securities in Israel.
This rating represents an increase from the "A+" rating previously issued by Maalot for two series of bonds issued by the Company to institutional investors in Israel in 1999 and 2000. The Company believes that the improved rating announced today reflects Taro's continued strong financial performance since those previous bond issues.
"The "AA" rating from Maalot provides Taro with enhanced financial flexibility in the event that growth opportunities arise which would make it prudent to raise capital by issuing bonds in Israel," said Barrie Levitt, Chairman of the Company.
The "AA" rating was granted by Maalot with respect to the potential issuance by Taro of up to $30,000,000 in non-convertible subordinated bonds to institutional investors in Israel.
Taro is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
