Moody's may lower Angiotech

Moody's Investors Service said it placed the ratings (B3 corporate family rating and B2 probability of default rating) of Angiotech Pharmaceuticals, Inc. under review for possible downgrade.

At the same time, Moody's said it changed the company's speculative-grade liquidity assessment to SGL-4 from SGL-3, reflecting Angiotech's weak liquidity profile.

The agency said that the rating review is driven primarily by concerns regarding Angiotech's ongoing negative cash flow generation, which has resulted in lower cash balances and impaired liquidity.

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