Novo Nordisk receives upgraded corporate credit rating

Novo Nordisk has had its long-term corporate credit rating upgraded by a leading financial organisation.

The pharmaceutical company's rating has been boosted from A2 to A1 with a stable outlook by Moody's Investors Service, while its Prime-1 short-term rating was affirmed.

It brings the firm's Moody's rating in line with the corresponding long-term A-plus grade from Standard and Poor's and is indicative of Novo Nordisk's efforts to strengthen its financial profile over recent years.

This also reflects the progress the drugmaker has made in the development of its new insulin therapy Tresiba, which will help Novo Nordisk further expand its global insulin franchise.

Novo Nordisk's chief financial officer Jesper Brandgaard said: "We are very pleased with this upgrade, which we believe is a reflection of the strong financial profile and the promising long-term prospects for Novo Nordisk."

Earlier this week, the company announced that it will be sponsoring a new sports team comprised of all-diabetic athletes, with the aim of raising awareness of the disease.