S&P lowers Angiotech outlook to negative

Standard & Poor's said it revised the outlook on Angiotech Pharmaceuticals Inc. to negative from stable.

At the same time, the B+ long-term corporate credit and senior unsecured debt ratings and the B- senior subordinated debt rating on Angiotech were affirmed, the agency said.

The outlook revision reflects S&P's ongoing concern with market conditions for coated drug-eluting stents, which have been under increasing scrutiny due to safety concerns.

Also of concern are Angiotech's credit metrics, which have deteriorated since the American Medical Instruments Inc. acquisition in February 2006 and are expected to weaken further in 2007 given the expectation of lower earnings, the agency noted.

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