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India Ratings & Research (Ind-Ra) upgraded Alivus Life Sciences' long-term bank loan facilities (INR 700 Cr) to 'IND AA' from 'IND AA-'. The outlook is Stable, and the short-term rating 'IND A1+' was affirmed. This upgrade reflects ALS's healthy revenue visibility, strong EBITDA margins, and net cash position, driven by its niche portfolio and high capacity utilization.