Moody’s cuts Emergent BioSolutions

Moody's Investors Service said it downgraded the ratings of Emergent BioSolutions Inc., including the corporate family rating to B1 from Ba3, the probability of default rating to B1-PD from Ba3-PD, the senior unsecured rating to B3 from B1, and speculative grade liquidity rating to SGL-4 from SGL-2.

The outlook remains negative.

The agency said the downgrade reflects Moody's expectation for continued operating losses in Emergent's services segment, which will more than offset good performance in the products segment.

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