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S&P lowers Angiotech
Standard & Poor's said it lowered its long-term corporate credit and senior unsecured debt ratings on Angiotech Pharmaceuticals Inc. to B- from B+.
At the same time, the agency said it lowered the senior subordinated debt rating to CCC from B-.
The outlook is negative.
The agency added that this two-notch downgrade reflects Angiotech's sharply deteriorating credit metrics caused by the declining royalty revenue stream from drug-eluting stents and the lack of visibility regarding cash flow generation.
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