Moody’s reviews Amneal for downgrade

Moody’s Investors Service said it placed the ratings of Amneal Pharmaceuticals, LLC under review for downgrade, including the B2 corporate family rating, B2-PD probability of default rating and B2 senior secured term loan rating. The speculative grade liquidity rating remains at SGL-2.

“This action follows Amneal’s announcement of weak third quarter earnings, as well as a significant reduction in its 2019 earnings guidance. This is the second very large earnings miss and guidance reduction in the last several months. Amneal’s 2019 EBITDA guidance is now roughly half of its original expectations. The pace and magnitude of the earnings underperformance increases Moody’s concerns about Amneal’s ability to stabilize the business, in an already challenging operating environment for generic pharmaceutical companies,” said Moody’s in a press release.

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