The proposed updated methodology can be downloaded here.

The proposed update provides increased transparency and a detailed presentation of Scope’s analytical approach for assigning credit ratings to pharmaceutical companies. The methodology continues to be based on a modular rating approach for issuer ratings comprising an assessment of key rating factors that define a rated entity’s business and financial risk profiles, which is supplemented by supplementary rating drivers.

This updated version introduces the following changes:

• An alignment of the assessment for the AAA and AA categories for cash flow cover with the thresholds from the Scope’s General Corporate Rating Methodology;
   
• The removal of “Other Factors” for the assessment of the business risk profile for Generics;
   
• The clarification of the industry risk profile assessment for Generics;
   
• Editorial changes.

Call for comments

Scope invites issuers, investors and other interested parties to comment on the methodology by 4 May 2025, as part of the agency’s ongoing commitment to transparency and open dialogue with market participants.

Please send your comments to consultation@scoperatings.com.

Scope will review and publish the content of any written response in accordance with regulatory requirements unless the respondent has specifically requested confidentiality.

Expected rating impact

No impact is expected on outstanding issuer and debt ratings.