Fitch Ratings has withdrawn Vifor Pharma Ltd's (Vifor) Long-Term Issuer Default Rating (IDR) of 'BBB-'/Rating Watch Positive.

It has also withdrawn Vifor's senior unsecured bond rating of 'BBB-'.

Fitch is withdrawing the ratings of Vifor at the company's request as it has undergone a reorganisation following the closing of its acquisition by CSL Limited. Vifor is now a wholly owned subsidiary of CSL Limited and ceases to exist as an independent legal entity. Accordingly, Fitch will no longer have sufficient information to assess Vifor's creditworthiness. It will no longer provide ratings or analytical coverage of Vifor.

Key Rating Drivers

Not applicable as the ratings have been withdrawn.

Derivation Summary

Not applicable as the ratings have been withdrawn.

Key Assumptions

Not applicable as the ratings have been withdrawn.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

Best/Worst Case Rating Scenario

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

Liquidity and Debt Structure

Not applicable as the ratings have been withdrawn.

Issuer Profile

Vifor is a Swiss manufacturer of innovative drugs to treat iron deficiency, dialysis as well as nephrology and rare diseases.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Vifor has an ESG Relevance Score of '4' for exposure to social impacts due to social pressure to contain healthcare costs, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

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