2025

On 23.07.2025, a meeting of the Rating Committee (RC) of BCRA was held, at which a report on the performed review of the corporate credit rating of “Tchaikapharma High Quality Medicines” AD was considered. The meeting was chaired by Dr. of Economics Kiril Grigorov, in his capacity as Chairman of the RC. Following a discussion on the changes in the factors affecting the rating during the review period, the members of the committee took the following decisions: BCRA upgrades the assigned ratings of “Tchaikapharma High Quality Medicines” AD, changing the outlooks on them from “positive” to “stable”, as follows:

• Long-term credit rating: from BBB- to BBB, outlook: “stable”, Short-term credit rating: from A-3 to A-2;
• Long-term national scale rating: from A (BG) to A+ (BG), outlook: “stable”, Short-term national scale rating: A-1 (BG) /unchanged/.
by which it expresses its opinion on:
• a preserved very good financial position during the review period, with a permanently maintained trend of improvement across all assessed financial indicators, including maintained low total leverage and financial dependence, as well as very good liquidity, achieved against the background of strongly improving operating results and net profit amounts in the last four financial years (2021-2024);
• highly assessed by BCRA capabilities of the enterprise for generating a sufficient amount of funds for the timely servicing of its obligations, while preserving capabilities for the development of investment activity.