S&P keeps Akorn on developing watch

Standard & Poor’s said its ratings on Akorn Inc., including the B corporate credit rating, remain on CreditWatch with developing implications, where they were placed on Nov. 9.

S&P said the ratings on Akorn remain on CreditWatch, despite the company’s announcement that its financial statement filings will be further delayed and that it has changed its auditors. The company now expects to become current with its financial statements by May 9, 2016, including restating its 2014 financials by that date, whereas before, it stated it would restate its 2014 financial statements by the first quarter of 2016.

The ratings remain unchanged because, despite the delays, the company continues to provide information to the market, including information about the company’s debt and cash balance. Management has also provided guidance for 2015 and plans to update the market on its guidance for 2016 in March, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.