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S&P: Graceway still on developing watch
Standard & Poor's said its CC issue-level rating on Graceway Pharmaceuticals LLC's first-lien debt remains on Creditwatch with developing implications, where it was placed on Sept. 17.
The 4 recovery rating remains unchanged.
According to the agency, the CC issue-level rating remains on Creditwatch despite the amendment and covenant holiday the company received on its first-lien debt last Friday.
Graceway continues to face a number of challenges, in particular a weak liquidity position, with significant near-term cash needs, S&P noted, adding that the SD corporate credit rating remains unchanged.
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