Moody’s changes Cambrex view

Moody's Investors Service said it affirmed Cambrex Corp.’s B2 corporate family rating and B2-PD probability of default rating.

Concurrently, Moody's affirmed the B2 rating of the backed senior secured first-lien bank facility.

The outlook was changed to negative from stable.

“The change in rating outlook to negative reflects Moody's expectation for operational headwinds, driven by softer demand from customers to persist over the next 12-18 months,” the agency said in a news release.

“These trends are largely attributed to Cambrex's clients electing to prioritize their later stage development projects, as well as reduced demand from biotech clients.”

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