Bengaluru, Karnataka, India: Jan 29: Biocon Biologics Limited, a fully integrated, global biosimilars company and subsidiary of Biocon Ltd., today announced that S&P Global Ratings has upgraded the Company’s long-term issuer credit rating to ‘BB+’ from ‘BB’, and revised the outlook to “Stable”. The rating on the senior secured notes issued by Biocon Biologics Global PLC has also been upgraded to ‘BB+’. This positive development follows Biocon’s recent equity issuance to settle compulsorily convertiblepreference shares (CCPS) issued to Viatris Inc.S&P Global provided the following Rating Action Rationale:Biocon has simplified its capital structure. Biocon funded the cash payout through fresh equity of about US$460 million that it raised earlier this month. Biocon’s management remains committed to reverting its balance sheet position to levels before its acquisition of Viatris’ biosimilars portfolio.