S&P Global Upgrades Biocon Biologics Ratings Amid Debt Reduction

• S&P Global Ratings upgraded Biocon Biologics' ratings with a stable outlook.
• The upgrade follows Biocon Biologics reducing its outstanding structured debt liabilities.
• The company simplified its capital structure by removing USD 1 billion compulsorily convertible preference shares to Viatris through equity share swaps and cash.
• Biocon funded the cash payout with fresh equity of USD 460 million, following an earlier USD 520 million equity issuance.
• S&P Global Ratings projects Biocon's adjusted debt to significantly decline by fiscal 2026, with improved FFO to debt ratio and revenue growth driven by biosimilars.

Why It Matters: Biocon Biologics received an S&P Global ratings upgrade due to significant debt reduction and capital structure simplification.