S&P confirms Alpharma

Standard & Poor's confirmed the ratings of Alpharma Inc. and subsidiary, including the convertibles at B, and removed it from CreditWatch with negative implications.

The company's financial performance has been steadily improving and funds from operations has been increasing quarter-to-quarter, S&P noted. Furthermore, Alpharma faces no near-term debt maturities and was in compliance with its debt covenants at Sept. 30.

The outlook is negative.

The speculative-grade ratings reflect established positions in human pharmaceutical and animal health businesses. Those factors are offset, however, by continued challenges in the animal health business and high debt leverage.

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