S&P puts Fenwal on watch

Standard & Poor's said it placed the ratings of Fenwal Inc., including the B corporate credit rating, on CreditWatch with negative implications.

The agency said this action reflects its concerns regarding weaker-than-expected liquidity and increasing leverage associated with the ongoing transition to becoming an independent company from former parent Baxter International Inc.

It also reflects S&P's concern that the recent verdict against Fenwal in a patent infringement suit brought by competitor Haemonetics could further weaken liquidity and impair its competitive position in automated blood collection.

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