S&P cuts Galapagos Holding

S&P said it lowered to CC from CCC- its issuer credit rating on Galapagos Holding SA, to CCC from CCC+ the issue ratings on its super senior facility and to CC from CCC- the issue ratings on its senior secured notes.

At the same time, S&P affirmed its C ratings on the senior unsecured notes.

The outlook is negative.

“Galapagos Holding's announced exchange offer for its debt holders leads us to believe that a default event is now virtually certain,” S&P said in a news release.

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