S&P affirms Angiotech

Standard & Poor's said it affirmed the ratings on Angiotech Pharmaceuticals Inc., including the B- long-term corporate credit rating and removed them from CreditWatch with negative implications, where they were placed Oct. 22.

The outlook is negative.

The agency said that the affirmation reflects its expectation that the company has sufficient cash to support its operations in the medium term, even if revenue growth is stagnant.

S&P added that the ratings on Angiotech reflect its continued high dependence on the challenged drug-eluting stent market for its operating performance, uncertainty regarding the timing and extent of revenue growth from new products, as well as expected negative free cash flow generation in the medium term.

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