Aché’s rating in 2019 remained higher than the sovereign rating in the assessment of Fitch Ratings and Standard and Poor’s. Aché’s investment grade rating in local currency is a reflection of the sustainability of its business, represented by reduced cash flow volatility, the company’s strong position in the Brazilian pharmaceutical market and a prominent position in the prescription drugs segment.
Historically the industry has performed positively and better than the growth in the economy as a whole. Over the last five years the Brazilian pharmaceutical market has reported average annual growth of 8%, which is higher than the growth in Brazil’s GDP. This shows the resilience that exists in demand, even under adverse macroeconomic conditions. Because of signs of recovery in the economy, in December 2019 Standard and Poor’s revised its sovereign rating outlook (for Brazil) on a global scale, from stable to positive, which was directly reflected in the improvement in Aché’s own outlook rating. Fitch Ratings maintained the company’s outlook as “Stable”.