S&P shifts Emergent view to negative

S&P said it changed Emergent BioSolutions Inc.’s outlook to negative from stable and affirmed the BB issuer and BB- senior unsecured notes ratings.

The company recently reported it lost its Center for Innovation in Advanced Development and Manufacturing contract with the U.S. government, including the task order to reserve capacity for the manufacture of AstraZeneca's Covid-19 vaccine.

The agency also noted the company’s problems at its Baltimore plant.

“We now see a greater preponderance of risks to Emergent's existing and potential customer relationships that could weaken its competitive position or contribute to lower earnings than we anticipated,” S&P said in a press release.

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