CRISIL has reaffirmed its ratings on the bank facilities of Ranbaxy Laboratories (Ranbaxy) at 'A1+' post Sun Pharmaceutical Industries' (Sun Pharma's; rated 'AAA/Stable/A1+') announcement to acquire 100% stake in Ranbaxy subject to obtaining regulatory approvals.

The deal is valued at an enterprise value of USD 4 billion on an all-stock transaction. Under the agreement, Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each share of Ranbaxy.

The ratings continue to reflect Ranbaxy's established position in the international generics market and in the Indian formulations market. The rating also factors in the business synergies with its parent, Daiichi Sankyo Company (Daiichi), one of the leading innovator pharmaceutical companies in Japan.

These rating strengths are partially offset by Ranbaxy's exposure to growing competition and regulatory risks in the regulated generics markets of USA and Europe, and susceptibility to fluctuations in foreign currency exchange rates on option contracts.

Shares of the company gained Rs 21.8, or 4.9%, to settle at Rs 467. The total volume of shares traded was 1,308,813 at the BSE (Wednesday).